In the most recent run of biotechnology acquisitions by Bristol-Myers Squibb Co., the New York-based drugmaker announced on Wednesday that it has worked out a nearly $2.1 billion 'in cash' deal for the Princeton, New Jersey-based Medarex.

Under the terms of the buyout agreement - which is apparently Bristol-Myers' attempt at doubling its channel of experimental biological drugs - Bristol-Myers will pay Medarex $16 per share. The price is a whopping 90 percent premium over Medarex's Wednesday closing price of $8.40 per share.

The deal amount, which initially worked out to be nearly $2.4 billion, has been reduced to $2.1 billion on account of Medarex having almost $300 million in cash and securities.

Talking about the Medarex acquisition, Bristol Myers' Chief Executive, James Cornelius, remarked that the deal befits Bristol-Myers' current policy - that of transforming itself into a biopharmaceutical company, and getting rid of its non-core assets. Towards that end, the company has been looking at acquisitions of biotech drug compounds or companies in priority disease areas.

Referring to Medarex's area of specialization - of developing drugs that use antibody technology to focus on and attack cancer, inflammation, autoimmune and infectious diseases - and its advantages for Bristol-Myers, Cornelius added: "Medarex's technology platform, people and pipeline provide a strong complement to our company's biologics strategy, specifically in immuno-oncology."