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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Craves Fred B.
c/o Bay City Capital LLC
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(Last) (First) (Middle)
750 Battery Street, Suite 600
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(Street)
San Francisco CA 94111
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Medarex, Inc. (MEDX)
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3. IRS or Social Security Number of Reporting Person (Voluntary) 000-00-0000
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4. Statement for Month/Year September 2000
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[X] Director [ ] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 9/12/2000 S 1,031 (D) 107.9911 I * (See below)
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Common Stock 9/13/2000 S 3,025 (D) 106.5168 I
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Common Stock 9/14/2000 S 7,378 (D) 110.0375 I
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Common Stock 9/15/2000 S 826 (D) 110.8839 I
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Common Stock 9/18/2000 S 221 (D) 106.3333 I
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Common Stock 9/22/2000 S 2,361 (D) 103.2969 I
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Common Stock 9/25/2000 S 1,033 (D) 109.8304 I
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Common Stock 9/26/2000 S 590 (D) 108.8438 I
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Common Stock 9/27/2000 S 2,361 (D) 114.1211 I
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Common Stock 9/28/2000 S 1,328 (D) 115.8333 I
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Common Stock 9/29/2000 S 590 (D) 118.4375 I
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Common Stock 10/02/2000 S 590 (D) 118 I
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Common Stock 10/03/2000 S 797 (D) 109.9269 77,598 I
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* In a series of open market transactions, BCC Acquisition I LLC ("BCC
Acquisition") sold 750,000 shares of Issuer's Common Stock. See explanation 1,
below for the nature of the Reporting Person's indirect ownership.
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
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FORM 4 (continued)
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
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Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
</TABLE>
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)--CONTINUED
<TABLE>
<CAPTION>
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1. Title of Derivative 6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Security (Instr. 3) cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Secu- ficial
(Instr. ficially rity: Owner-
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Date Expira- Amount or at End (D) or (Instr.
Exer- tion Title Number of of Indi- 4)
cisable Date Shares Month rect (1)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
Explanation of Responses:
1. Fred B. Craves' indirect ownership of the Issuer's Common Stock is derived as
follows: The Bay City Capital Fund I, L.P. ("BCC") has approximately a
74.634% proportional interest in the capital account of BCC Acquisition. Bay
City Capital Management LLC ("BCC Management") owns a 3.75% general
partnership interest in BCC. The Graves Group LLC owns a 50% proportional
interest in the capital account of BCC Management. Fred B. Craves owns a 1/3
proportional interest in the capital account of The Craves Group LLC. In
addition, The Craves Group LLC has a 10% limited partnership interest in BCC.
The Reporting Person disclaims beneficial ownership of the Shares except to
the extent of his pecuniary interest therein.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
/s/ Fred B. Craves 10/04/00
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**Signature of Reporting Person Date
