Hi surf! got MEDX (not me)? Bristol-Myers to buy Medarex for $16 a share cash <br /> LOS ANGELES (MarketWatch) -- Bristol-Myers Squibb Co. (BMY 20.53, +0.24, +1.18%) has signed a deal to buy biopharmaceutical firm Medarex Inc. (MEDX 15.98, +7.58, +90.24%) for $16.00 per share in cash, almost double their Wednesday close, resulting in an aggregate purchase price of about $2.4 billion, the two companies said in a statement late Wednesday. Medarex's projected $300 million in net cash and marketable securities at the close of the deal would knock the final price down to $2.1 billion. Among the properties acquired in the merger is ipilimumab, a novel immunotherapy currently in Phase III development for the treatment of metastatic melanoma, which Bristol-Myers said could be "an important contributor to [its] future growth." The tender for the shares will begin on or about July 27, with the deal expected to close 30 days later, pending regulatory approval. Shares of Bristol-Myers closed up 0.9% at $20.29 Wendesday, while those of Medarex were up 1.45% at $8.40. The announcement comes one day before Bristol-Myers is slated to announce its financial results for the second quarter.