Innovation Pharmaceuticals Inc (IPIX)

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How should we...1


Here is some valuation reference. MEDX was found in 1987. Until it was bought out in 2009, it never had made money. Public recording showed it had market cap of $1 billion in 2009. BMY spent $2.1 billions bought it out. It looked to me MEDX cancer drug had very limited indications, pretty bad side effects, low efficacy of 20% at most.


Wednesday, July 22, 2009 11:04 am EDT
Bristol-Myers Squibb Company (NYSE:BMY) and Medarex, Inc. (NASDAQ:MEDX) announced today that the companies have signed a definitive merger agreement providing for the acquisition of Medarex by Bristol-Myers Squibb, for $16.00 per share in cash. The transaction, with an aggregate purchase price of approximately $2.4 billion, has been unanimously approved by the boards of directors of both companies. Medarex’s projected $300 million in net cash and marketable securities at closing would be an asset acquired by Bristol-Myers Squibb resulting in an implied purchase price of approximately $2.1 billion.

"With its productive and proven antibody discovery capabilities, ability to generate interesting therapeutic programs and unique set of pre-clinical and clinical assets in development, Medarex represents what we’re looking for in terms of our String of Pearls strategy. This acquisition is another important step in our BioPharma transformation."