December 18, 2023 | Health Care | North America | Ended
Bristol-Myers Squibb (“BMS”) has agreed to buy cancer drugmaker Mirati Therapeutics (“Mirati”) for an equity value of $4.8bn, the companies announced on 8-Oct-23. The $58 per share offer represents a 35.2% premium to Mirati’s undisturbed price on 4-Oct-23. In addition, target shareholders will receive a non-tradeable contingent value right (CVR) that promises to pay $1bn, equivalent to $12 per Mirati share in cash, if within seven years of deal completion, the FDA accepts an application for the company’s pipeline drug MRTX1719, which treats non-small cell lung cancer (NSCLC) in patients who have received no more than two prior lines of therapy. The deal has been unanimously approved by both companies’ boards and is expected to close by the first half of next year. The deal is conditional on Mirati shareholder approval, which was secured by the merger parties on 13-Dec-23 (preliminary and definitive merger proxies were filed on 23-Oct-23 and 2-Nov-23, respectively). BMS shareholder approval is not required. Regulatory approvals, as specified in the merger agreement, include HSR, with a notification...
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