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Article: Medarex Announces That Bay City Capital Offers to Purchase Rights For Up to $44 Million in Medarex Stock
- Article from:
- PR Newswire
- Article date:
- June 11, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ANNANDALE, N.J., June 11 /PRNewswire/ -- Medarex, Inc. (Nasdaq: MEDX) 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, ...