Bristol-Myers Squibb to Acquire Mirati Therapeutics in Multi-Billion Dollar Deal

Bristol-Myers Squibb (BMS) has announced its acquisition of cancer drugmaker Mirati Therapeutics for up to $5.8 billion. The deal will diversify BMS's oncology business and help offset expected revenue losses from patent expirations. BMS will gain access to Mirati's portfolio of drugs targeting specific genetic drivers of cancers, including the approved lung cancer drug Krazati. The acquisition is seen as strategically complementing BMS's oncology portfolio and will be financed through a combination of cash and debt. Mirati stockholders will also receive a contingent value right, potentially worth $12.00 per share in cash. The transaction is expected to be dilutive to BMS's non-GAAP earnings per share in the first 12 months after closing.