Bristol Myers will pay $5.8 billion for cancer drug developer Mirati Therapeutics
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American pharmaceutical company Bristol Myers Squibb buys cancer drug developer Mirati Therapeutics. The corresponding agreement was signed by the companies on October 8. Under its terms, Bristol Myers will pay Mirati $58 per share, or a total of $4.8 billion. In addition, Mirati shareholders will be given the opportunity to exercise their contingent value right, which will be $12 per share and, accordingly, plus $1 billion to the transaction value.
As a result of the merger, Bristol Myers will receive Mirati’s portfolio of cancer drugs. Among others, it includes a drug for the treatment of advanced lung cancer, Krazati, which received approval from US regulators in December last year. The deal will allow Bristol Myers to diversify its development portfolio and is also expected to strengthen the company’s shares, which have lost 21% since the start of this year. Bristol Myers shares reacted to the announcement of Mirati’s takeover by rising 0.43%.
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