Notable Mergers and Acquisitions of the Day 8/21: MNOV/AVGN, BMY/MEDX, ORCL/JAVA

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August 21, 2009 9:43 AM EDT

MediciNova (Nasdaq: MNOV) and Avigen, Inc. (Nasdaq: AVGN) announced that they have entered into a definitive merger agreement pursuant to which MediciNova's wholly-owned subsidiary will merge with and into Avigen.

Under the terms of the merger agreement, which has been approved by both companies' boards of directors, Avigen shareholders will have the right to elect to receive an amount currently estimated at approximately $1.24 per share in either cash or secured convertible notes to be issued by MediciNova. Approximately $1.19 of this consideration will be paid at the closing, and approximately $0.05 will be paid at June 30, 2010.

AVGN closed at $1.33 yesterday.
Bristol-Myers Squibb Company (NYSE: BMY) announced today that it has extended its previously announced cash tender offer, through its wholly-owned subsidiary, Puma Acquisition Corporation, to purchase all outstanding shares of common stock of Medarex (NASDAQ: MEDX) until 12:00 midnight (New York City time) on August 26, 2009, unless further extended.

The tender offer that was originally scheduled to expire at 12:00 midnight (New York City time) on August 24, 2009 was extended, with the consent of Medarex, in connection with the parties reaching an agreement in principle to settle the legal proceedings pending in connection with the tender offer. All other terms and conditions of the tender offer remain unchanged.
U.S. Department of Justice Approves Oracle (Nasdaq: ORCL) Acquisition of Sun (Nasdaq: JAVA)