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Covington Advises Medarex in Collaboration with Pfizer

September 28, 2004

WASHINGTON, D.C., September 28, 2004 -  Covington & Burling recently assisted Medarex, Inc. (Nasdaq: MEDX) in its global collaboration with Pfizer, Inc. (NYSE: PFE).  The agreement allows the two companies to develop as many as 50 antibody products over the next ten years and cross-licenses particular patents for Medarex's anti-CTLA-4 antibody programs.  According to the terms of the deal, Pfizer will pay Medarex $80 million and will also buy $30 million of Medarex's common stock.

Medarex, a biopharmaceutical company, is committed to discovering and developing antibody treatments for life-threatening and debilitating diseases.

John A. Hurvitz, a partner who co-chairs Covington's life sciences industry group and heads the firm's technology transactions practice, led the Covington team. The Medarex legal team included W. Bradford Middlekauff, Senior Vice President and General Counsel, and J. Brian Stalter, Deputy General Counsel.

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