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| Name | Symbol | Market | Type |
|---|---|---|---|
| Horizon Kinetics Medical ETF | NASDAQ:MEDX | NASDAQ | Exchange Traded Fund |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 29.58 | 26.73 | 32.41 | 0 | 09:00:00 |
From Jun 2019 to Jun 2024
DOW JONES NEWSWIRES
Bristol-Myers Squibb Co. (BMY) said it extended the deadline for its tender offer to buy shares of partner Medarex Inc. (MEDX) amid low shareholder support.
As of 9 a.m. EDT Thursday, about 8.7% of Medarex's shares outstanding had been tendered.
The drug giant extended the deadline two days to midnight EDT Wednesday.
Bristol-Myers is offering $16 in cash for each share of Medarex, for a total of roughly $2.4 billion. After adjusting for the roughly $300 million on Medarex's books, the deal value comes to $2.1 billion.
The acquisition, announced last month, will give Bristol-Myers access to a promising cancer treatment. It comes as Bristol-Myers pursues a strategy of shedding non-pharmaceutical assets, such as wound-care and medical-imaging units, while using the proceeds and its cash hoard to build out its pipeline and product portfolio. In particular, the company hopes to expand its portfolio of biotechnology therapies and specialty drugs, a goal it says Medarex can help it achieve.
- By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com
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