Medarex to do €120m Pfizer deal

Medarex has said Pfizer will pay $80 million (€65m) in cash initially and buy $30m (€25m) of Medarex’s stock at a premium as part of an agreement to develop antibody medicines during a 10-year period.

Pfizer may pay more than $400m (€328m) in funding, licence fees and milestone payments if all 50 products that are planned, obtain regulatory approval Medarex.

Medarex, a biotechnology company, will also receive royalties for commercial sales of the products.