Bristol Myers wagers up to $5.8 billion on KRAS inhibitors

9 October 2023

Shares of US cancer drug developer Mirati Therapeutics (Nasdaq: MRTX) surged as much as 50% last Thursday, following a report issued by Bloomberg, which stated that French pharma major Sanofi (Euronext: SAN) is interested in acquiring the company.

However, on Sunday, US pharma major Bristol Myers Squibb (NYSE: BMY) revealed it has reached a definitive merger agreement to acquire Mirati for $58 per share in cash, representing a total equity value of $4.8 billion.

Mirati stockholders will also 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. The transaction was unanimously approved by both the Bristol Myers and the Mirati boards of directors.

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