Bristol-Myers Squibb Co. is to acquire Medarex Inc. in a deal worth US$2.4 billion, it was announced on 22nd July 2009. Medarex Inc. is a biotechnology company which has been assisting the US company Bristol-Myers Squibb in developing a treatment for melanoma since 2005. This is an antibody called ipilimumab for patients in the late stages of melanoma, and is now in the final stage trial. The deal is expected to help Bristol-Myers Squibb regain its position as one of the world’s leading players in the oncology market.
Further reading - A detailed review of the US pharmaceutical market is available from Espicom: The Pharmaceutical Market: USA (published June 2009)