PRINCETON, N.J., Feb. 20 /PRNewswire-FirstCall/ -- Medarex, Inc. announced today that it has sold approximately 2.5 million shares of Genmab A/S which stock is traded on the Copenhagen Stock Exchange. The trade is expected to settle on February 21, 2007. Medarex expects to receive approximately $150 million (USD) in net proceeds from the sale. The sale of Genmab shares is expected to reduce Medarex's equity ownership in Genmab to approximately 11 percent.
About Medarex
Medarex is a biopharmaceutical company focused on the discovery, development and potential commercialization of fully human antibody-based therapeutics to treat life-threatening and debilitating diseases, including cancer, inflammation, autoimmune disorders and infectious diseases. Medarex applies its UltiMAb(R) technology and product development and clinical manufacturing experience to generate, support and potentially commercialize a broad range of fully human antibody product candidates for itself and its partners. Over thirty of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with six of the most advanced product candidates currently in Phase III clinical trials. Medarex is committed to building value by developing a diverse pipeline of antibody products to address the world's unmet healthcare needs. For more information about Medarex, visit its website at www.medarex.com.
Medarex(R), the Medarex logo and UltiMAb(R) are registered trademarks of Medarex, Inc. All rights are reserved.
Medarex, Inc.CONTACT: Laura S. Choi, Investor Relations, +1-609-430-2880, x2216, orJean Mantuano, Corporate Communications (media), +1-609-430-2880, x2221,both of Medarex
Web site: http://www.medarex.com/
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