Bristol/Medarex: A Transformational Acquisition Rooted In Collaboration

Bristol's $2.4 billion buyout of Medarex in 2009 yielded value equivalent or greater to that realized in larger M&A transactions signed that year, such as Pfizer/Wyeth, Merck/Schering-Plough and Roche/Genentech. The deal made BMS a leader in immuno-oncology and by most accounts is the highlight of the pharma's "string of pearls" strategy.

String of pearls_790

From an early-stage platform technology collaboration to a multi-year co-development pact in cancer to an outright acquisition of the smaller company by the larger, Bristol-Myers Squibb Co.'s nearly two-decade relationship with Medarex Inc. has proven one of the most fruitful big pharma/biotech deals – and the key to that success may be in the slow, gradual buildup of familiarity and shared priorities.

Now, 19 years after Bristol first partnered with the California biotech and eight years after purchasing its cancer R&D partner...

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