Bristol-Myers Squibb completes part of Medarex acquisition

NEW YORK Bristol-Myers Squibb Co. has completed the initial part of its $2.4 billion tender offer for a Princeton, N.J.-based biotech company, the New York-based drug maker announced Thursday.

Bristol said 87.7% of shares of Medarex had been offered for sale and that it would attempt to acquire the remaining 12.3%. The offer for the remaining shares will expire at midnight Monday.

Medarex develops monoclonal antibodies using its UltiMAb platform.