Bristol-Myers Squibb extends deadline for Medarex acquisition

NEW YORK Drug maker Bristol-Myers Squibb has extended its acquisition offer for a biotech company that uses a proprietary technology platform to develop treatments for chronic diseases, Bristol announced Thursday.

The New York-based pharmaceutical giant announced that its tender offer for Medarex would expire at midnight on Wednesday. It had originally been scheduled to expire Monday. Medarex develops monoclonal antibodies for cancer, inflammatory and autoimmune diseases using its UltiMAb technology.

Bristol said that more than 11.5 million shares of Medarex had been tendered and that Medarex shareholders would receive $16 per share upon the closing of the deal.