Kirkland & Ellis is advising global biopharmaceutical company Bristol Myers Squibb (NYSE: BMY) on the acquisition of commercial stage research and development biotechnology company Mirati Therapeutics (NASDAQ:MRTX). The transaction was announced October 8, 2023. The deal has been unanimously approved by both the Bristol Myers Squibb and Mirati boards of directors.
Bristol Myers Squibb has agreed to acquire Mirati for $58 per share in cash, representing an equity value of $4.8 billion and up to $5.8 billion including the contingent value right. In addition to cash consideration, Mirati stockholders will also receive one contingent value right per share, which will entitle each holder to receive a one-time potential payment of $12 per share subject to milestone satisfaction. The transaction is expected to close by the first half of 2024.
Mirati is a targeted oncology company that is working to design and deliver cancer therapies. Through the transaction, Bristol Myers Squibb will add lung cancer treatment KRAZATI to its portfolio.
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