Bristol-Myers Squibb to acquire Mirati in up to $5.8 billion deal
by 
Bristol Myers Squibb (BMS) has signed a definitive agreement for the acquisition of all of outstanding shares of Mirati Therapeutics in a $5.8bn deal. The company plans to buy Mirati for $58 for each share in cash, representing an equity value of $4.8bn. Mirati shareholders will also receive one non-tradeable contingent value right for each share held, totalling $1bn.
Bristol will pick up Mirati’s portfolio drugs that target the genetic drivers of specific cancers including its lung cancer drug, Krazati, which was approved in December.
Adam Lenkowsky, Bristol’s Chief Commercialization Officer said, “We think this really helps strategically complement our oncology portfolio but also, from a financial standpoint, it helps out commercially in the back half of the decade”.
BMS will fund the prospective takeover of Mirati using both cash and debt. Last year, Bristol acquired drug developer Turning Point Therapeutics for $4.1 billion in cash to help bolster its arsenal of cancer drugs.
Visit our upcoming conference – https://virtueinsight.com/upcoming-conferences/