Bristol Myers Squibb (BMS) has completed its acquisition of Mirati Therapeutics, a San Diego, California-based bio/pharmaceutical company, in a $5.8-billion deal ($4.8 billion at closing and $1.0 billion in contingency value rights [CVR] payments). The acquisition was announced in October 2023.  

With the acquisition, BMS has added a commercialized lung-cancer medicine, Krazati (adagrasib), to its oncology portfolio as well as several clinical assets. These drug candidates include Mrtx1719, in Phase I development for treating several cancers, including non-small-cell lung cancer (NSCLC), cholangiocarcinoma (bile duct cancer), and melanoma, and  Mrtx1133, in Phase I development, for treating pancreatic cancer, NSCLC, and colorectal cancer. 

BMS, through a subsidiary, acquired all of the outstanding shares of Mirati common stock at a price of $58.00 per share, for a total equity value of $4.8 billion corresponding to an enterprise value of approximately $3.7 billion, which accounts for approximately $1.1 billion of Mirati cash. Each Mirati stockholder will also receive one non-tradeable CVR per Mirati share, which will entitle its holder to receive a one-time potential payment of $12.00 in cash, for a total value of approximately $1.0 billion. The CVR is conditioned upon acceptance by the US Food and Drug Administration of a new drug application for Mrtx1719 for treating either locally advanced or metastatic NSCLC in patients who have received no more than two prior lines of systemic therapy, within seven years after the closing of the merger, subject to certain conditions. With the closing of the deal, Mirati has become a wholly owned subsidiary of BMS.  

Source: Bristol-Myers Squibb