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Deal includes Krazati, a therapy for patients with non-small cell lung cancer.
Bristol Myers Squibb revealed that it has officially entered into a definitive merger agreement under which it will acquire Mirati for $58 per share in cash, for a total equity value of $4.8 billion. As per the deal, Bristol Myers Squibb will absorb Mirati’s entire portfolio, including Krazati, a KRASG12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC) treatment. Stockholders will also receive one non-tradeable contingent value right (CVR) for each Mirati share held, potentially worth $12 per share in cash, representing an additional $1 billion.
“With multiple targeted oncology assets including Krazati, Mirati is another important step forward in our efforts to grow our diversified oncology portfolio and further strengthen Bristol Myers Squibb’s pipeline for the latter half of the decade and beyond,” said Chris Boerner, PhD, EVP, chief operating officer, CEO-Elect, Bristol Myers Squibb. “Today’s news builds upon our long legacy of delivering breakthrough therapies that transform the lives of people with cancer. We are impressed with the science that the talented people of Mirati have driven in service of patients, and we look forward to welcoming them to Bristol Myers Squibb.”
Reference: Bristol Myers Squibb Strengthens and Diversifies Oncology Portfolio With Acquisition of Mirati Therapeutics. BMS. October 8, 2023, Accessed October 10, 2023. https://news.bms.com/news/corporate-financial/2023/Bristol-Myers-Squibb-Strengthens-and-Diversifies-Oncology-Portfolio-With-Acquisition-of-Mirati-Therapeutics/default.aspx