Princeton-based Bristol Myers Squibb on Tuesday said it completed the previously announced acquisition of Mirati Therapeutics Inc.
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,” Chris Boerner, CEO, Bristol Myers Squibb, said. “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.
The transaction is expected to be treated as a business combination and to be dilutive to Bristol Myers Squibb’s non-Generally Accepted Accounting Principles earnings per share by approximately $0.35 per share in 2024.
Evercore Inc. and Morgan Stanley & Co. LLC are serving as financial advisers to Bristol Myers Squibb, and Kirkland & Ellis LLP is serving as legal counsel. Centerview Partners LLC is serving as financial adviser to Mirati, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.
