Bristol-Myers Extends Cash Tender Offer

NEW YORK (AP) — Drugmaker Bristol-Myers Squibb Co. said Thursday it's extending its cash tender offer to buy up shares of biotech company Medarex Inc. until Aug. 26.

The tender offer originally was set to expire on Aug. 24. All other terms of the deal remain the same.

Bristol-Myers said in July it would pay $16 per share, or $2.1 billion, to acquire Princeton, N.J.-based Medarex. As of Thursday, less than 9 percent of Medarex's outstanding shares had been tendered.

The acquisition would give Bristol-Myers, the maker of blood thinner Plavix, access to drug candidates aimed at immunologic disorders.

The Medarex board has recommended that stockholders tender their shares.

Shares of Bristol-Myers added 6 cents to close at $22.25 Thursday.