Bristol-Myers Squibb has announced the completion of the $2.4bn acquisition of Medarex, a leader in immune disease and cancer treatments.

As a result of the transaction Medarex has now become a wholly owned subsidiary of Bristol-Myers Squibb.

Bristol-Myers Squibb initiated the deal on 28 July 2009 through a cash tender offer to purchase all outstanding shares of common stock of Medarex for $16 per share.

Around 90% of Medarex shares were tended in favour of the Bristol-Myers acquisition, rendering it unnecessary for shareholders to vote on the deal.

Approximately 120,417,467 shares of Medarex common stock were tendered together with the 2,879,223 shares of Medarex common stock owned by Bristol-Myers Squibb since January 2005.

Bristol-Myers Squibb has also acquired all of the remaining outstanding shares of Medarex common stock by means of a “short form merger”, in which all such shares are converted into the right to receive $16 per share, in cash and without interest, less any required withholding taxes.