8 October 2023: Bristol Myers Squibb buys Immuno-oncology player Mirati Therapeutics for $4.8B.?

US pharmaceutical giant Bristol Myers Squibb will purchase California-based oncology developer Mirati Therapeutics for a total equity value of $4.8 billion. The agreement also includes one non-tradeable Contingent Value Right (CVR) for each share, worth $12 per share in cash, which adds up to $1 billion of possible value. Mirati is developing commercial-stage oncology therapies, and a few months ago, disclosed a plan to initiate a phase 3 trial for a combination of Krazati and Keytruda, in newly diagnosed NSCLC with high tumor PD-L1 expression levels.

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As per the deal, BMS has promised to pay $1 billion to Mirati shareholders if the US FDA accepts the application of pipeline agent MRTX1719. MRTX1719 is a selective MTA-cooperative PRMT5 inhibitor under investigation for NSCLC patients who have not received more than 2 earlier lines of therapy.??

With the acquisition, BMS will gain the rights of KRAZATI, an FDA approved best-in-class KRAS G12C inhibitor for treating non-small cell lung cancer (NSCLC).?

Source: FiercePharma