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(Adds context and background, more details on the transaction.) SAN FRANCISCO (Dow Jones)--Bristol-Myers Squibb Co.

(BMY) said late Wednesday it had agreed to buy partner Medarex Inc.

(MEDX) in a $2.1 billion deal that will give the drug giant access to a promising cancer treatment.

Bristol-Myers will pay $16 in cash for each share of Medarex, for a total of roughly $2.4 billion.

After adjusting for the roughly $300 million on Medarex's books, the deal value comes to $2.1 billion.

The purchase ...
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