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.
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.
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An interactive look at pharma, medtech and diagnostics deals made during February 2025. Data courtesy of Biomedtracker.
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