UPDATE 1-Bristol-Myers to buy Medarex for $2.4 billion

NEW YORK, July 22 (Reuters) - U.S. drugmaker Bristol-Myers Squibb Co (BMY.N) late on Wednesday said it will pay $2.4 billion to acquire Medarex Inc MEDX.O, a biotechnology company that is developing treatments for cancer and other diseases.

The agreed offer of $16 a share represents a 90 percent premium to Medarex's closing share price on Wednesday of $8.40 per share on Nasdaq.

The deal could help Bristol-Myers regain its stature as one of the world's leading players in the oncology market. Medarex has developed mice with human immune systems that are able to generate fully human antibodies that can be used as drugs. (Reporting by Ransdell Pierson; Editing by Gary Hill)