<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
SCHEDULE 13D
Amendment No. 2
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Medarex, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, par value $0.01
--------------------------------------------------------------------------------
(Title of Class of Securities)
583916-10-1
--------------------------------------------------------------------------------
CUSIP Number
BCC Acquisition I LLC
c/o Bay City Capital LLC
750 Battery Street
Suite 600
San Francisco, California 94111
(415) 676-3830
with a copy to:
Timothy G. Hoxie, Esq.
Heller Ehrman White & McAuliffe
333 Bush Street
San Francisco, California 94104
(415) 772-6052
--------------------------------------------------------------------------------
(Name, address and telephone number
of person authorized to receive notices and communications)
June 20, 2000
-------------
(Date of Event which requires
filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
statement because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box: [_]
(Continued on following pages)
(Page 1 of 9 Pages)
<PAGE>
SCHEDULE 13D
----------------------- Amendment No. 2 ---------------------
CUSIP NO. 583916-10-1 PAGE 2 OF 9 PAGES
----------------------- ---------------------
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS BCC Acquisition I LLC
------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS WC, AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
------------------------------------------------------------------------------
7 SOLE VOTING POWER -0-
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 3,376,673 shares
OWNED BY
-----------------------------------------------------------
EACH
9 SOLE DISPOSITIVE POWER -0-
REPORTING
PERSON -----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER 3,376,673 shares
------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,376,673 shares
------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.61%
------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON OO
------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
----------------------- Amendment No. 2 ---------------------
CUSIP NO. 583916-10-1 PAGE 3 OF 9 PAGES
----------------------- ---------------------
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS The Bay City Capital Fund I, L.P.
------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS WC, AF
------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
------------------------------------------------------------------------------
7 SOLE VOTING POWER -0-
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 3,376,673 shares
OWNED BY
-----------------------------------------------------------
EACH
9 SOLE DISPOSITIVE POWER -0-
REPORTING
PERSON -----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER 3,376,673 shares
------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,376,673 shares
------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.61%
------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON PN
------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
----------------------- Amendment No. 2 ---------------------
CUSIP NO. 583916-10-1 PAGE 4 OF 9 PAGES
----------------------- ---------------------
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS Bay City Capital Management, LLC
------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------------------------------------------------------------
4 SOURCE OF FUNDS AF
------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
------------------------------------------------------------------------------
7 SOLE VOTING POWER -0-
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 3,376,673 shares
OWNED BY
-----------------------------------------------------------
EACH
9 SOLE DISPOSITIVE POWER -0-
REPORTING
PERSON -----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER 3,376,673 shares
------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,376,673 shares
------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.61%
------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON OO
------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
----------------------- Amendment No. 2 ---------------------
CUSIP NO. 583916-10-1 PAGE 5 OF 9 PAGES
----------------------- ---------------------
------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS Bay City Capital LLC
------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
------------------------------------------------------------------------------
3 SEC USE ONLY
------------------------------------------------------------------------------
4 SOURCE OF FUNDS AF
------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
------------------------------------------------------------------------------
7 SOLE VOTING POWER -0-
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 3,376,673 shares
OWNED BY
-----------------------------------------------------------
EACH
9 SOLE DISPOSITIVE POWER -0-
REPORTING
PERSON -----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER 3,376,673 shares
------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,376,673 shares
------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.61%
------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON OO
------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
----------------------- Amendment No. 2 ---------------------
CUSIP NO. 583916-10-1 PAGE 6 OF 9 PAGES
----------------------- ---------------------
INTRODUCTION
BCC Acquisition I LLC, a Delaware limited liability company ("BCC
Acquisition"), hereby files this Amendment No. 2 (the "Amendment") to the
Statement on Schedule 13D (the "Statement") on behalf of the Reporting Persons
(as defined under Item 2 of the Statement) identified herein pursuant to the
Agreement with Respect to Schedule 13D attached to the Statement as Exhibit
7(1). Defined terms not otherwise defined herein are deemed to have the same
definition as ascribed thereto in the Statement.
Only those Items amended are reported herein.
Item 4. Purpose of Transaction.
----------------------
Item 4 is amended by adding the following paragraph at the end thereof:
In a series of open market transactions on the NASDAQ occurring on June 16,
19, 20, 21, 22, 28 and 29, 2000, BCC Acquisition disposed of an aggregate of
800,000 shares of the Common Stock of the Issuer at an average sales price of
approximately $81.5767 per share. The total funds received by BCC Acquisition
in these transactions was $65,261,338.42 (excluding broker commissions). A
table identifying the sales occurring within the last sixty days is included in
Item 5(c) of this Amendment.
On July 3, 2000, BCC Acquisition also exercised all of its warrants to
purchase 454,796 shares of Common Stock of the Issuer at an exercise price of
$10.00, for an aggregate investment of $4,547,960.00. BCC Acquisition presently
intends to hold its shares for investment, but reserves the right to sell
additional shares, or acquire additional shares, from time to time.
<PAGE>
SCHEDULE 13D
----------------------- Amendment No. 2 ---------------------
CUSIP NO. 583916-10-1 PAGE 7 OF 9 PAGES
----------------------- ---------------------
Item 5. Interest in Securities of the Issuer.
-------------------------------------
Item 5, paragraphs (a) and (b), is amended to read as follows:
(a) and (b)
The aggregate number of Shares and percentage of Common Stock of the Issuer
(based upon Issuer's report on Form 10-Q for the quarter ending March 3, 2000
that it had 35,155,185 shares of Common Stock outstanding as of May 1, 2000
prior to the Closing) beneficially owned by each person named in Item 2, as well
as the number of Shares of Common Stock as to which such person is deemed to
have sole power to vote or to direct the vote, shared power to vote or to direct
the vote, sole power to dispose or to direct the disposition, or shared power to
dispose or direct the disposition, in each case after giving effect to the
transactions described in Item 4 of this Amendment, is set forth in the
following table.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Reporting Person No. of Shares Percentage Power to Vote Power to Dispose
Beneficially of Class Shared Sole Shared Sole
Owned
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BCC Acquisition I 3,376,673 9.61% 3,376,673 3,376,673
----------------------------------------------------------------------------------------------------------
BCC Fund I, L.P. 3,376,673 9.61% 3,376,673 3,376,673
----------------------------------------------------------------------------------------------------------
BCC Management LLC 3,376,673 9.61% 3,376,673 3,376,673
----------------------------------------------------------------------------------------------------------
BCC LLC 3,376,673 9.61% 3,376,673 3,376,673
----------------------------------------------------------------------------------------------------------
</TABLE>
The information required by Item 5 with respect to persons with whom voting or
dispositive power is shared is set forth in Item 2 of the Statement.
<PAGE>
SCHEDULE 13D
----------------------- Amendment No. 2 ---------------------
CUSIP NO. 583916-10-1 PAGE 8 OF 9 PAGES
----------------------- ---------------------
(c) To the best knowledge of the Reporting Persons, no person described in
paragraph (a) of this Item 5 has effected any transaction in the Common Stock of
the Issuer during the past 60 days other than as set forth in the table below:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
Date Seller # Shares Price Total Funds
Received
------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
06/16/00 BCC Acquisition 120,000 $ 80.175 $ 9,622,175.30
------------------------------------------------------------------------------------------------
06/19/00 BCC Acquisition 170,000 $80.0945 $13,615,607.18
------------------------------------------------------------------------------------------------
06/20/00 BCC Acquisition 50,000 $ 85.125 $ 4,256,108.12
------------------------------------------------------------------------------------------------
06/20/00 BCC Acquisition 180,000 $82.1424 $14,785,135.19
------------------------------------------------------------------------------------------------
06/21/00 BCC Acquisition 85,000 $83.7353 $ 7,117,259.29
------------------------------------------------------------------------------------------------
06/22/00 BCC Acquisition 30,000 $84.2083 $ 2,526,160.84
------------------------------------------------------------------------------------------------
06/28/00 BCC Acquisition 75,000 $80.8271 $ 6,062,032.50
------------------------------------------------------------------------------------------------
06/29/00 BCC Acquisition 90,000 $ 80.854 $ 7,276,860.00
------------------------------------------------------------------------------------------------
TOTAL 800,000 $65,261,338.42
--------------
------------------------------------------------------------------------------------------------
</TABLE>
(d) To the best knowledge of the Reporting Persons, no persons other than the
Reporting Persons have the right to receive or the power to direct the receipt
of dividends from, or the proceeds from the sale of, the Common Stock of the
Issuer held by the Reporting Persons.
A response to Item 5(c) is added as follows:
Other than the transactions described in Item 4 of this Amendment, there have
been no transactions by the Reporting Persons in the Issuer's Common Stock since
the date of filing of Amendment No. 1 to the Statement, dated August 4, 1998.
<PAGE>
SCHEDULE 13D
----------------------- Amendment No. 2 ---------------------
CUSIP NO. 583916-10-1 PAGE 9 OF 9 PAGES
----------------------- ---------------------
SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: July 5, 2000
BCC Acquisition I LLC
By: Its Manager
The Bay City Capital Fund I, L.P.
By: Its General Partner
Bay City Capital Management LLC
By: /s/ Fred B. Craves
----------------------------
Name: Fred B. Craves
Its: Manager
