Medarex shares rise on takeover speculation

With Cambridge Antibody Technology and Abgenix both newly acquired, investors are betting that Medarex--another notable antibody outfit--is likely to be next on the takeover parade. Medarex shares were bid up about six percent as analysts considered the rising likelihood that any big drug developer with plans for therapeutic monoclonal antibody work may need to buy the last of the big three that remains independent. Pfizer, Bristol-Myers Squibb and Johnson & Johnson, all three of which have major development deals with Medarex, are listed as likely bidders.

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