Bristol Myers Squibb (BMS) has completed its acquisition of Mirati Therapeutics, making Mirati a wholly-owned subsidiary of BMS. The deal adds KRAZATI (adagrasib), a lung cancer medicine, to BMS’s oncology portfolio and includes promising clinical assets such as a potential first-in-class MTA-cooperative PRMT5 inhibitor and a leading KRAS and KRAS enabling program. The transaction is expected to be dilutive to BMS’s non-GAAP earnings per share by approximately $0.35 per share in 2024. Evercore and Morgan Stanley served as financial advisors to BMS, while Centerview Partners advised Mirati.
Bristol Myers Squibb Company (NYSE: BMY) today announced that it has successfully completed its acquisition of Mirati Therapeutics, Inc.® (“Mirati”). With the completion of the acquisition, Mirati shares have ceased trading on the NASDAQ Global Select Market and Mirati is now a wholly owned subsidiary of Bristol Myers Squibb.
“The closing of the Mirati transaction is a significant milestone in our efforts to further diversify our oncology portfolio and strengthen our pipeline in the latter half of the decade and beyond,” said Chris Boerner, Ph.D., Chief Executive Officer, Bristol Myers Squibb. “Mirati’s incredibly talented employees have built a strong portfolio of assets and capabilities that are highly complementary with BMS’. We welcome them and look forward to working together to leverage BMS’ global scale and resources to deliver more treatments for cancer patients, faster.”
Through this transaction, BMS has added commercialized lung cancer medicine KRAZATI (adagrasib) to its oncology portfolio as well as several promising clinical assets, including a potential first-in-class MTA-cooperative PRMT5 inhibitor in Phase 1 development, and a leading KRAS and KRAS enabling program with two candidates in Phase 1 development.
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The transaction is expected to be treated as a business combination and to be dilutive to Bristol Myers Squibb’s non-GAAP earnings per share by approximately $0.35 per share in 2024.
Advisors
Evercore Inc. and Morgan Stanley & Co. LLC are serving as financial advisors to Bristol Myers Squibb, and Kirkland & Ellis LLP is serving as legal counsel. Centerview Partners LLC is serving as financial advisor to Mirati, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.
Source:Bio Space
