{"id":71026,"date":"2023-10-10T13:07:33","date_gmt":"2023-10-10T17:07:33","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/bristol-myers-squibb-to-acquire-mirati-in-a-deal-worth-up-to-5-8-billion\/"},"modified":"2023-10-10T13:07:37","modified_gmt":"2023-10-10T17:07:37","slug":"bristol-myers-squibb-to-acquire-mirati-in-a-deal-worth-up-to-5-8-billion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71026","title":{"rendered":"Bristol-Myers Squibb to acquire Mirati in a deal worth up to $5.8 billion"},"content":{"rendered":"
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\u00a9 Reuters. Bristol-Myers Squibb (BMY) to acquire Mirati (MRTX) in a deal worth up to $5.8 billion<\/span>
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Bristol Myers Squibb (NYSE:) and Mirati Therapeutics (NASDAQ:) announced today that the former will acquire Mirati for $58.00 per share in cash, totaling an equity value of $4.8 billion.<\/p>\n

Moreover, Mirati stockholders will receive one non-tradeable Contingent Value Right (CVR) for each Mirati share held, potentially worth $12.00 per share in cash, representing an additional $1.0 billion of value opportunity.<\/p>\n

BMY shares fell 0.5% on the news.<\/p>\n

The merger has received unanimous approval from both companies’ Boards of Directors.<\/p>\n

\u201cWe are excited to add these assets to our portfolio and to accelerate their development as we seek to deliver more treatments for cancer patients,\u201d said Giovanni Caforio, chief executive officer and board chair, Bristol Myers Squibb.<\/p>\n

\u201cWith 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\u2019s portfolio of innovative medicines.\u201d<\/p>\n

Mirati Therapeutics is a targeted oncology company with a focus on discovering, designing, and delivering breakthrough therapies for cancer patients. The assets of Mirati align well with Bristol Myers Squibb’s existing portfolio and innovative pipeline, offering an opportunity to enhance Bristol Myers Squibb’s oncology franchise.<\/p>\n

The transaction is expected to be dilutive to Bristol Myers Squibb\u2019s non-GAAP earnings per share by approximately $0.35 per share in the first 12 months after the transaction closes.<\/p>\n

For BofA analysts, the deal makes sense from BMY’s point of view.<\/p>\n

“We think the acquisition makes strategic sense as Mirati\u2019s precision oncology portfolio complements Bristol\u2019s IO portfolio with lead Mirati drug adagrasib likely to see a more rapid commercial rollout under Bristol’s leadership.”<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Bristol-Myers Squibb (BMY) to acquire Mirati (MRTX) in a deal worth up to $5.8 billion Bristol Myers Squibb (NYSE:) and Mirati Therapeutics (NASDAQ:) announced today that the former will acquire Mirati for $58.00 per share in cash, totaling an equity value of $4.8 billion. Moreover, Mirati stockholders will receive one non-tradeable Contingent Value […]<\/p>\n","protected":false},"author":1,"featured_media":71027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-71026","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nBristol-Myers Squibb to acquire Mirati in a deal worth up to $5.8 billion | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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