Avid Bioservices Inc (CDMO)

[biopharm]

We may be just hours away from the announcement that a Melanoma IST will be officially initiating with Bavituximab+Ipilimumab(Yervoy)

Lets take a little history and look back at the early studies of Ipilimumab and hmmmm, could it be that Medarex actually had a nice little peek into the Ipilimumab(Yervoy)+PS targeting several years ago and then BAMM.... stomped on by a little buyout by our friendly neighbor BMS. Keep reading though... because it gets a little interesting and lets not forget that it was actually a little "David Sherris" deal from Peregrine + Medarex back in 2009 and only months later--- thats when BMS gulps down Medarex with ... hmmmm, a measly $2.9B 90% premium buyout.

1) July 22, 2009 ...BMS en route to scooping up Medarex

Bristol Myers Squibb 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.

“Medarex’s technology platform, people and pipeline provide a strong complement to our company’s biologics strategy, specifically in immuno-oncology,” said James M. Cornelius, chairman and chief executive officer, Bristol-Myers Squibb.

http://news.bms.com/press-release/partnering-news/bristol-myers-squibb-acquire-medarex

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2) July 31, 2009

But not everyone is happy. Kenneth Blumberg of Pikesville, Md., is suing Medarex and BMS claiming he's been shortchanged. He owns "tens of thousands of shares of Medarex common stock."

Blumberg believes that BMS and Medarex are keeping a secret:

... the two companies are the only ones who have any knowledge of the full potential of ipilimumab.

http://www.cbsnews.com/news/investor-sees-ipilimumab-conspiracy-in-medarex-bms-deal-90-premium-not-good-enough/

Plaintiff:

Kenneth Blumberg -vs-


Defendants:

Howard H. Pien, Chair BOD Pres/CEO since 2007
Patricia M. Danzon, Director since 2005
Robert C. Dinerstein, Director since 2005
Marc Rubin, Director since 2007
Ronald J. Saldarini, Director since 2001
Charles R. Schaller, Director since 1987 (Chair BOD 87-97)
Julius A. Vida, Director since 1994

http://jimedwardsnrx.files.wordpress.com/2009/07/medarex-complaint.pdf


Remember Robert H. Schwartz? Throw in the Towel Doctor... just so happens he was also involved in the original 1994 BMS/Medarex Deal ... according to his profile, and remember, with these deals is when the power of Big Pharma BMS types start to fill BOD seats, that later.... vote the BMS way en route to buyout offers that may just be-- a victory for Big Pharma. No wonder why many are trying to get Peregrine BOD out of Big Pharmas way....

Dr. Schwartz is a highly successful business leader with a record of achievement in developing and implementing global licensing strategies to drive business growth. He as consistently achieved excellent results through the relentless pursuit of first- and/or best-in-class opportunities. An in-depth knowledge of drug development, business practices and the fields of oncology and immunology enabled the seamless execution of several key transactions (below) for Bristol-Myers Squibb. Recognized as the driving force behind the resurrection of Bristol-Myers Squibb’s oncology pipeline.

• Acquisition of Kosan Biosciences in May 2008
• Acquisition of Adnexus in September 2007
• Completed Compound licensing Agreements with:
- Zymogenetics (January 2009)
- Exelixis (December 2008; Allicense “Breakthrough Alliance of the Year”)
- PDL (August, 2008)
- Endocyte (March, 2006)
- Sunesis (April, 2005)
- Medarex (November, 2004)
- Pierre-Fabre (April, 2004)
- Medarex (December, 2003)
• Completed research-based collaboration agreements with:
- Infinity (December 2009)
- Adnexus Therapeutics (February, 2007; Breakthrough Alliance of 2008 )
- Exelixis (December, 2006)
- Nerviano (February (2006)
• Completed an intellectual property cross-license agreement with Roche/Kosan in February, 2006.

https://www.linkedin.com/pub/robert-h-schwartz-ph-d/0/807/40

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3) Aug 25, 2009

Peregrine and Medarex Deal

Under the agreement, the company licensed to Medarex certain intellectual property rights under its broad Vascular Targeting Agent technology platform. This license allows Medarex to develop and commercialize their anti-PSMA monoclonal antibody conjugated to therapeutic agents and use the resulting conjugate for the treatment of a wide range of solid tumors.

http://files.shareholder.com/downloads/PPHM/0x0x133831/7b70fa17-04f6-42ba-826a-c7130a740291/PPHM_News_2005_8_25_General.pdf

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4) Sept 1, 2009

Bristol-Myers Squibb Completes Acquisition of Medarex, Inc.

The tender offer period expired at midnight (New York City time) on August 26, 2009, and the subsequent offering period relating to the tender offer expired at midnight (New York City time) on August 31, 2009, at which time shareholders of Medarex had tendered in aggregate approximately 120,417,467 shares of Medarex common stock which, together with the 2,879,223 shares of Medarex common stock owned by Bristol-Myers Squibb since January 2005, represented approximately 90.7% of the Medarex shares outstanding.

Today, Bristol-Myers Squibb acquired all of the remaining outstanding shares of Medarex common stock by means of a “short form merger” in which all such shares were converted into the right to receive $16.00 per share, in cash and without interest, less any required withholding taxes.

http://news.bms.com/press-release/financial-news/bristol-myers-squibb-completes-acquisition-medarex-inc

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Anyone still throwing in the towel against Peregrine and trying to create fear, uncertainty and doubt at any level.... just has to start connecting the dots. Peregrines latest amendment filing details some information that is going to stir up lots of attention for certain Big Pharma and their backers. First, the big date to be concerned about was Sept 2012. Now, its expanded all the way back to 2009. But keep digging deeper... and you may find out it started back even further than that and open those eyes just a bit wider....

If I see this just from public records and connecting some dots... just imagine if there are Federal Investigations still ongoing and the dots they are connecting....

Its all about the science and BMS had quite the interest in Medarex... hmmm, for Ipilimumab(Yervoy) ??? : )

Well .... looks like Peregrine has a little up and coming IST with an interest in Ipilimumab(Yervoy) as well.

Let the chess match continue and its going to continue--- with Peregrine being backed up by close to $90M in cash, full control over its IP, a BOD that is not motivated by Big Pharma buyout offers such as Medarex possibly once was involved in, and one hell of a package of clinical data associated with its Anti-PS platform that increases by the month. Now, even global KOL leaders are backing up the science... sit back, its a matter of time.

This Anti-PS platform is powerful, it does not target 1% of NSCLC patients, nor 5% of NSCLC patients... or restricted to any subset of patients in any indication---- its almost like that universal truth of freedom--- and trust me, PS exists everywhere and Peregrine has a grip on it and not letting go.... not even for a fistful of dollars.