Bristol Myers Squibb to Acquire Mirati Therapeutics for $4.8 Billion, Adding KRAS Inhibitor Krazati to Oncology Portfolio

On October 8, Bristol-Myers Squibb (BMS) and Mirati Therapeutics announced that they had reached a definitive merger agreement under which BMS agreed to acquire Mirati for $58 per share in cash, representing an equity value of $4.8 billion. Shareholders of Mirati will also receive one non-tradable or valuable right (CVR) per share of Mirati stock, potentially worth $12.00 per share in cash, representing an additional $1 billion value opportunity. The transaction has been unanimously approved by the boards of directors of both Bristol-Myers Squibb and Mirati.

Mirati Therapeutics, Inc. was founded in April 2013 and is a biopharmaceutical company focused on developing innovative oncology therapies. In December 2022, the company's KRAS G12C inhibitor, Krazati (Adagrasib), received accelerated FDA approval, becoming the second KRAS drug to reach the market globally. Zai Lab holds the rights for Greater China.

In addition, Mirati's pipeline includes several innovative products such as the oral multi-target receptor tyrosine kinase inhibitor Sitravatinib, the PRMT5 inhibitor MRTX1719, the SOS1 inhibitor MRTX0902, and the KRAS G12D inhibitor MRTX1133. Among them, the rights to Sitravatinib in Asia (excluding Japan), Australia, and New Zealand were granted to BeiGene in January 2018.

Since the beginning of this year, Mirati has been plagued by a series of negative news. In May, the Phase III SAPPHIRE trial evaluating Sitravatinib in combination with Opdivo as a second- or third-line treatment for non-squamous non-small cell lung cancer failed to meet its primary endpoint of overall survival (OS), showing no significant advantage over docetaxel chemotherapy. In July, the CHMP recommended against approving Krazati for marketing in the EU. In August, Mirati's CEO David Meek resigned and stepped down from his position as a board member.

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