Bristol-Myers Squibb (BMY.N) on Sunday said it will acquire Mirati Therapeutics (MRTX.O) in a transaction that values the cancer drugmaker at up to $5.8 billion.
Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoMirati stockholders will receive one non-tradeable contingent value right for each Mirati share held, potentially worth $12.00 per share in cash, representing an additional $1 billion of value opportunity, the company added.
The transaction will help grow Bristol-Myers’s oncology franchise with the addition of Mirati's lung cancer drug Krazati. Bristol is buying Mirati at a time when the shares are considerably cheaper than they were. Mirati's shares touched a 52-week high of $101.3 apiece on Nov. 28 and are now trading at $60.2.
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