Bristol Myers Squibb Grows Oncology Pipeline With Completion of Mirati Acquisition


The definitive merger agreement was reached in October 2023, with Bristol Myers Squibb acquiring Mirati for $58 per share in cash, for a total equity value of $4.8 billion.

Image credit: Tada Images |

Image credit: Tada Images |

Bristol Myers Squibb (BMS) has completed its acquisition of Mirati Therapeutics, Inc., which is now a wholly owned subsidiary of the company.1 The definitive merger agreement was reached in October 2023, with BMS acquiring Mirati for $58 per share in cash, for a total equity value of $4.8 billion.2

Stockholders will also receive a non-tradeable contingent value right for each Mirati share held, potentially worth $12 per share in cash, representing an additional $1 billion.

“The closing of the Mirati transaction is a significant milestone in our efforts to further diversify our oncology portfolio and strengthen our pipeline in the latter half of the decade and beyond,” said Chris Boerner, PhD, chief executive officer, Bristol Myers Squibb, in a press release. “Mirati’s incredibly talented employees have built a strong portfolio of assets and capabilities that are highly complementary with BMS’. We welcome them and look forward to working together to leverage BMS’ global scale and resources to deliver more treatments for cancer patients, faster.”1

Under the agreement, BMS obtains Mirati’s entire portfolio, including Krazati (adagrasib) for the treatment of KRASG12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC).2 Mirati’s oncology portfolio also includes promising early phase clinical assets such as MRTX1719, a potential first-in-class MTA-cooperative PRMT5 inhibitor currently in Phase I development, and a leading KRAS and KRAS enabling program with a pair of candidates in Phase I development.

MRTX1719 has produced promising efficacy data across several tumor types with MTAP deletion, including NSCLC, cholangiocarcinoma, and melanoma while showing no evidence of meaningful hematologic toxicities linked to non-selective PRMT5 inhibitors. The drug targets MTAP-deleted tumors that comprise approximately 10% of all cancers. A Phase II clinical trial for the novel therapy is expected to begin in the first half of 2024.

Mirati’s KRAS and KRAS enabling program includes MRTX1133, which targets the KRASG12D mutation, and MRTX0902, a SOS1 inhibitor currently in the Phase 1 developmental stage as a combination therapy with other agents that target the MAPK/RAS pathway.

“We are excited to add these assets to our portfolio and to accelerate their development as we seek to deliver more treatments for cancer patients,” said Bristol Myers Squibb CEO and Board Chair Giovanni Caforio, in a press release. “With a strong strategic fit, great science and clear value creation opportunities for our shareholders, the Mirati transaction is aligned with our business development goals. Importantly, by leveraging our skills and capabilities, including our global commercial infrastructure, we will ensure patients globally can benefit from Mirati’s portfolio of innovative medicines.”2

BMS said the transaction is expected to be treated as a business combination and to be dilutive to the company’s non-GAAP earnings per share by approximately $0.35 per share in 2024.1

“Since our founding 10 years ago, Mirati has made significant strides in transforming the lives of patients living with cancer through the development of innovative therapies. Through our discovery and development of next-generation targeted cancer therapeutics, we have built a robust pipeline of potentially best-in-class treatments that offer renewed hope for patients,” said Mirati Therapeutics, Inc. founder, President and CEO, Charles Baum, MD, PhD, in a press release. “This transaction is a testament to the potential of our platform and to our team’s hard work and dedication to changing lives. Bristol Myers Squibb’s global scale, resources and commitment to innovation will enable Mirati’s therapeutics to benefit more patients, faster, and deliver on our vision of unlocking the science behind the promise of a life beyond cancer. We believe that this transaction is the best way to benefit patients and maximize value for shareholders.”2


  1. Bristol Myers Squibb Completes Acquisition of Mirati Therapeutics, Strengthening and Diversifying Oncology Portfolio. Bristol Myers Squibb. News release. January 24, 2024. Accessed January 24, 2024.
  2. Bristol Myers Squibb Strengthens and Diversifies Oncology Portfolio With Acquisition of Mirati Therapeutics. Bristol Myers Squibb. News release. October 8, 2023. Accessed January 24, 2024.
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