Medarex deal

MEDX and Ciba-Geigy will collaborate on the worldwide development of MEDX's MDX-210 Bispecific product to treat certain tumors. Ciba purchased $4 million of common shares of the Annandale, N.J., company, and will buy another $4 million of stock upon achievement of an undisclosed milestone. MEDX said the share price was at a premium to market. MEDX, which closed Friday at $4.375, has 8.7 million shares outstanding prior to the investment.

Ciba also will pay milestones to MEDX of up to $31 million, and will fund Phase III development. Ciba is responsible for regulatory approvals and product launch. ...