Mirati Therapeutics

History

2023: Bristol Myers Squibb bought Mirati Therapeutics for $5.8 billion

On October 8, 2023, the American pharmaceutical company Bristol Myers Squibb announced an agreement to purchase Mirati Therapeutics, a company specializing in the development of drugs for the treatment of malignancies. The total value of the transaction reaches $5.8 billion, and it is planned to complete it in the first half of 2024.

Mirati Therapeutics has a Krazati (adagrasib) agent aimed at adult patients with metastatic non-small cell lung cancer with the KRAS G12C mutation. This drug has received approval from the U.S. Food and Drug Administration (FDA). In addition, the company is developing a number of other drugs for oncology therapy, which are at various stages of clinical research.

Bristol Myers Squibb bought Mirati Therapeutics for $5.8 billion

Under the terms of the agreement, Bristol Myers Squibb will pay $58 for each Mirati Therapeutics security, which amounts to $4.8 billion. The proposal represents a 52 percent premium to Mirati Therapeutics' average value of securities over a 30-day period by October 4, 2023. In addition, the shareholders of the acquired company receive the right to an additional payment of $12 per share, which will increase the amount of the transaction by another $1 billion. Thus, the total cost is $5.8 billion. The merger has already been approved by the boards of both companies, but regulatory approvals are needed to complete the deal. The deal is overseen by lawyers for Evercore Inc., Morgan Stanley & Co. LLC, Kirkland & Ellis LLP, Centerview Partners LLC, Skadden, Arps, Slate, Meagher & Flom LLP.

Mirati's assets can change the standard of care for a variety of cancers - both as a standalone therapy and in combination with existing Bristol Myers Squibb products, said Samit Hirawat, MD, head of drug development at Bristol Myers Squibb.[1]

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