Medarex to sell 10 million shares

US biopharmaceutical firm Medarex has said it is offering to sell, subject to market and other conditions, 10 million shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. Medarex also granted to the underwriter a 30-day option to buy up to an additional 1.5 million shares of common stock. All of the shares in the offering are being sold by Medarex.

Medarex intends to use net proceeds from the financing to continue the development progress of its product candidates and research programs towards commercialization and for other general corporate purposes.

Goldman Sachs is acting as the sole book-running manager for the offering, with JP Morgan Securities as the joint lead manager. A co-management group may also be included, said Medarex.