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Prosperity Bancshares Inc. Message Board

  • zany4biotech zany4biotech Jun 11, 1998 10:54 AM Flag



    Medarex Announces That Bay City Capital Offers to
    Purchase Rights For Up to $44 Million in Medarex
    ANNANDALE, N.J., June 11 /PRNewswire/ -- Medarex, Inc.
    (Nasdaq: MEDX - news) a biopharmaceutical company
    specializing in antibody-based therapeutics, announced today
    that BCC Acquisition I LLC (``BCC'') a limited
    liability company formed between The Bay City Capital Fund
    I, L.P., an affiliate of Bay City Capital LLC, and
    various Pritzker family business interests has made an
    offer to purchase rights to receive shares of Medarex
    common stock totaling approximately $44.4 million.

    The rights in question are held by former
    shareholders of GenPharm International, Inc. as a result of
    Medarex's acquisition of GenPharm in October 1997 for a
    total of up to $62.7 million in stock, approximately
    $18.3 million of which has already been paid.
    the terms of the transaction, the offer will remain
    open for 20 business days beginning June 11, 1998. The
    offer is contingent on at least $22.2 million (or 50
    percent) of the rights being tendered for purchase. If all
    of the rights are purchased, BCC will have the right
    to acquire approximately 6.6 million shares of
    Medarex common stock, representing approximately 22
    percent of Medarex's outstanding stock, pursuant to an
    agreement between BCC and Medarex. The agreement also
    provides for BCC to receive certain registration rights
    and to be represented on the Medarex board of
    directors. Additionally, depending on the amount of rights
    purchased, BCC will receive warrants to purchase up to an
    additional 804,000 shares exercisable at $10 per share.

    ``We are confident that the commitment of these
    investors will assist Medarex in maximizing its full
    potential,'' said Donald L. Drakeman, President and CEO of
    ``We look forward to working with Don
    Drakeman and Medarex's proven management team to create a
    premier biopharmaceutical enterprise,'' said Fred Craves,
    Managing Director of Bay City Capital.
    Medarex is
    developing several core proprietary technologies including
    Bispecific antibodies which enhance and direct the body's
    own immune system to fight disease, the
    HuMAb-Mouse(TM) antibody development system for the creation of
    high affinity human antibodies, and immunotoxin
    technology. Medarex has five products in clinical development
    including the anti-cancer Bispecifics MDX-210 and MDX-447,
    MDX-33 for autoimmune disease, MDX-RA for the prevention
    of secondary cataracts, and MDX-22 for acute myeloid
    Bay City Capital LLC is a merchant banking
    and management advisory firm with a $100 million life
    sciences fund under management. The principals of Bay City
    Capital include Fred Craves, Ph.D., former CEO of Berlex
    Biosciences, John Diekman, Ph.D., Chairman of Affymetrix,
    Roger Salquist, former Chairman and CEO of Calgene, and
    Pritzker Family business interests. The Pritzker Family
    interests invest in and manage businesses in the travel and
    leisure, manufacturing, real estate, banking, insurance
    and life sciences industries.
    Certain statements
    in this press release consist of forward looking
    statements that involve risks and uncertainties including,
    but not limited to, uncertainties regarding the
    receipt of future payments, the continuation of business
    partnerships and the development of new business
    opportunities. Actual results, events or performance may differ
    SOURCE: Medarex, Inc.

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