M&A

Bristol Myers Squibb (BMS) and Mirati Therapeutics have announced that they have entered into a definitive agreement under which BMS will acquire Mirati for $58 per share, or a total value of $4.8bn.

Mirati focuses on the discovery, design and delivery of breakthrough therapeutics for the treatment of various cancers. Through this acquisition, BMS will add Krazati (adagrasib), a lung cancer treatment, to its commercial portfolio. BMS will also gain access to various clinical assets, many of which are strong candidates for development.

Charles Baum MD PhD, founder, president and CEO of Mirati Therapeutics, added: “Since our founding ten 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. This transaction is a testament to the potential of our platform and to our team’s hard work and dedication to changing lives. BMS’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 maximise value for shareholders.”

Giovanni Caforio, CEO and board chair of BMS, commented: “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. 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.”