<PAGE>
Exhibit 99.2
------------
For Immediate Contact: Donald L. Drakeman Kelly O'Brien
Release President and CEO Middleberg Euro
--------------- Medarex, Inc. for Medarex, Inc.
+1-609-430-2880 +1-212-699-2541
[email protected]
Medarex Highlights Expanded UltiMAb Human Antibody Platform at the IBC
2000 Antibody Engineering Conference
La Jolla, CA; December 5, 2000 - Medarex, Inc., (Nasdaq: MEDX) showcased its
expanded fully-integrated human antibody technology platform at IBC's Antibody
Engineering Conference. Medarex unveiled a unique crossbred mouse developed in
partnership with the pharmaceutical division of Kirin Brewery Co., Ltd. as the
newest addition to its UltiMAb Human Antibody Development System/SM/.
With the UltiMAb platform, Medarex has assembled a unique family of genetically
engineered mice for creating the entire spectrum of high-affinity, fully human
antibodies. Medarex and Kirin combined their technologies, and the unique
traits of the HuMAb-Mouse/(R)/ and TC Mouse, to create a new crossbred mouse
that retains the capability to produce all human antibody isotypes with a robust
immune response previously unseen in any human antibody producing mouse system.
Medarex's HuMAb-Mouse has the proven ability to generate fully human antibodies
with affinities in the picomolar range (as high as 10/12/). Developed by Kirin,
the TC Mouse utilizes transchromosomic technology to generate human monoclonal
antibodies of any isotype.
Conference presentations by Medarex and its technology partners, Biosite
Discovery and Kirin, featured the three core technologies of Medarex's
integrated human antibody platform: the UltiMAb Human Antibody Development
System, T-12 Development/SM /and Trans-Phage Technology/SM/. With these three
technologies, Medarex believes it has created an unparalleled full-service
antibody development
-1-
<PAGE>
system spanning target validation, novel therapeutic agent discovery, cGMP
production, and regulatory expertise for rapid advancement to clinical testing.
"By combining our technology with the phage display technology developed by
Biosite, and the transchromosome technology developed by Kirin, Medarex is
offering our partners what we believe is the broadest range of human antibody
discovery and development tools in the industry," said Donald L. Drakeman,
President and CEO of Medarex. "In addition, our experienced operations and
regulatory teams have streamlined the process from target immunization through
manufacturing and regulatory filing to create the T-12 Development program.
With T-12, Medarex offers the potential for accelerated pre-clinical
development, moving a novel antibody therapy from target to IND in about 12
months."
"With our UltiMAb system, we have been able to directly produce high-affinity
IgG1, IgG2, IgG3, IgG4, and IgA antibodies, all from a single fusion. The
UltiMAb technology can generate the entire spectrum of human antibodies," said
Nils Lonberg, Vice President and Scientific Director of Medarex's GenPharm
subsidiary. "We expect this will allow us to immediately access the widest
possible variety of antibodies at the earliest stage of pre-clinical
development."
Medarex will conduct a public conference call at 11:00 a.m. Eastern time on
December 6, 2000 to discuss this news announcement and other recent company
events. To access the call live, please dial 1-800-711-5301 within the U.S. or
1-785-832-0201 outside the U.S. The call will also be broadcast live via the
Internet at http://www.videonewswire.com/MEDAREX/120600/, the username is
monoclonal, and the password is antibody.
An archived broadcast of the call will be available for 60 days immediately
following the conference call by dialing 1-888-566-0164 or via the Internet at
http://www.videonewswire.com/MEDAREX/120600/, the username is monoclonal, and
the password is antibody.
Medarex is a biopharmaceutical company developing monoclonal antibody-based
therapeutics to fight cancer and other life-threatening and debilitating
diseases. Medarex has assembled a broad platform of patented technologies for
antibody discovery and development, including the UltiMAb Human Antibody
Development System/SM/ for the creation of high-affinity, fully human
antibodies; T-12
-2-
<PAGE>
Development/SM /offering the potential to move from target to
trial in approximately 12 months; and Trans-Phage Technology/SM/ combining high
throughput screening with fully human antibody development. Medarex creates and
develops fully human antibodies for itself and others, offering a full range of
antibody development capabilities, including pre-clinical and clinical
manufacturing services. For more information about Medarex, visit its web site
at http://www.medarex.com.
Except for the historical information presented herein, matters discussed in
this press release are forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to differ materially
from any future results, performance or achievements expressed or implied by
such statements. Such risks and uncertainties include risks associated with
product discovery and development as well as risks detailed from time to time in
the companies' public disclosure filings with the U.S. Securities and Exchange
Commission (SEC), including the company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1999. Copies of the company's public disclosure
filings are available from the company's investor relations department.
TC Mouse is a trademark of Kirin Brewing Co., Ltd.
###
-3-
