Medarex deal

E. Merck purchased 450,000 shares of the Princeton, N.J., company at $7 per share. The $3.2 million investment represents an accelerated payment under the companies' collaboration to develop Biospecific antibodies for cancer, and was made in place of R&D and milestone payments that would have totaled $2.8 million.

E. Merck holds 6 percent of MEDX, which has 8 million shares outstanding after the investment. ...