Bristol-Myers Squibb to Acquire Mirati Therapeutics in $5.8 Billion Deal

Bristol-Myers Squibb will acquire cancer drugmaker Mirati Therapeutics for up to $5.8 billion to diversify its oncology portfolio and add drugs to offset losses from upcoming patent expirations. Bristol will pay $58 per share in cash for Mirati, or $4.8 billion. With Mirati's $1.1 billion cash, the enterprise value is $3.7 billion. Mirati shareholders will also receive $12 per share in cash through contingent value rights if certain milestones are met, representing an additional $1 billion. Mirati's key drugs being acquired are KRAS inhibitor sotorasib (approved for lung cancer) and MRTX1719, which could also be used for some lung cancers.