Bristol Myers Squibb Acquires Mirati For $4.8 Billion

Bristol Myers Squibb, a US pharmaceutical corporation, announced a $4.8 billion deal to purchase cancer drugmaker Mirati Therapeutics. Bristol Myers Squibb will pay $58 per share in cash "for a total equity value of $4.8 billion," according to the company. Furthermore, a guaranteed value certificate (GVC) may reward Mirati owners with an extra $12.00 per share, up to a total of $1 billion.

The deal had been accepted by the boards of directors of both firms, according to the statement. "Through this acquisition, Bristol Myers Squibb will add KRAZATI, an important lung cancer medicine to its commercial portfolio," the statement said. As per firm, KRAZATI targets a specific type of mutation that accounts for 14% of non-small cell lung cancer diagnosis. "With multiple targeted oncology assets including KRAZATI, Mirati is another important step forward in our efforts to grow our diversified oncology portfolio and further strengthen Bristol Myers Squibb's pipeline for the latter half of the decade and beyond," said Chris Boerner, the company's executive vice president and incoming CEO.

The Bristol-Myers Squibb Company, doing business as Bristol Myers Squibb (BMS), is an American multinational pharmaceutical company. Headquartered in Princeton, New Jersey, BMS is one of the world's largest pharmaceutical companies and consistently ranks on the Fortune 500 list of the largest U.S. corporations. For fiscal 2022, it had a total revenue of $46.2 billion, as per economic times. Bristol-Myers Squibb produces prescription medications and biologics for a variety of therapeutic indications, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis, and mental disorders.