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Covington Advises Medarex in Collaboration with Bristol-Myers Squibb

November 11, 2004

WASHINGTON, D.C., November 11, 2004 - Covington & Burling recently assisted Medarex, Inc.(Nasdaq: MEDX) in its worldwide collaboration with Bristol-Myers Squibb (NYSE: BMY). The agreement allows the two companies to jointly develop and commercialize MDX-010, an antibody product that is currently in a Phase III clinical trial for the treatment of metastatic melanoma, but that has potential application to additional tumor types, as well as other non-cancer indications. According to the terms of the deal, Medarex will receive an initial cash payment of $50 million, half of which BMS will use to purchase Medarex's common stock. Additionally, Medarex could receive up to $205 million if all regulatory milestones are met and up to $275 million if sales-related milestones are met. The parties will share development costs under the agreement. Medarex will have an option to co-promote and share profits with Bristol-Myers Squibb in the United States based on a pre-agreed percentage split. If Medarex does not co-promote, it will receive a royalty on product sales.

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

John Hurvitz, a partner who co-chairs Covington's life sciences industry group and heads the firm's technology transactions practice, led the Covington team, which included Marianna Horton, Emily Leonard, Terence Brenner, Steve Kaminiski, and Bryan Wyatt, with George Chester and David Addis providing antitrust advice. The Medarex legal team included Brad Middlekauff, Senior Vice President and General Counsel, Brian Stalter, Deputy General Counsel, Catherine Kara, Vice President and Chief Patent Counsel, Doug Haeuber, Deputy General Counsel, and Beth Behrend, Assistant General Counsel.

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