Bristol Myers Squibb shared that it has successfully completed the process of acquiring the cancer drug company Mirati Therapeutics. However, this acquisition will have a negative impact on Bristol Myers’ earnings in 2024 by approximately $0.35 per share.
Mirati Therapeutics, known for its Krazati lung cancer therapy, agreed to be bought by Bristol Myers in October for $4.8 billion in an all-cash deal.
Bristol Myers’ CEO, Chris Boerner, sees this acquisition as an important step in expanding their cancer treatment portfolio and strengthening their research pipeline for the years to come.
Now, Mirati will operate as a fully owned subsidiary of Bristol Myers, and its shares will no longer be traded on the Nasdaq Global Select Market. Bristol Myers has been actively pursuing acquisitions, with its most recent move being a $4.1 billion bid to acquire the radiopharma company RayzeBio, expected to be completed in the first half of 2024.
About Bristol Myers Squibb:
Bristol Myers Squibb is committed to using scientific advancements to tackle challenging diseases. They focus on unmet needs and leverage unprecedented breakthroughs to transform patients’ lives globally. The company combines biotech agility with pharmaceutical resources, boasting a leading role in oncology, hematology, immunology, and cardiovascular disease. Bristol Myers Squibb is dedicated to global citizenship, sustainability, and responsible business practices. They prioritize integrity, transparency, and support initiatives that improve health, expand research, promote STEM education, and provide essential services. Beyond medicine, the company promotes health equity and strives to increase access to life-saving medications, particularly for populations disproportionately affected by serious diseases, through initiatives like the Bristol Myers Squibb Foundation.
About Mirati Therapeutics:
Mirati Therapeutics, Inc. is a biotech company focused on developing targeted cancer therapies. Their mission is to create groundbreaking treatments that positively impact the lives of cancer patients. They have a commercialized lung cancer drug, KRAZATI (adagrasib), approved for advanced non-small cell lung cancer. Additionally, Mirati has promising clinical assets, including a potential first-in-class PRMT5 inhibitor and a KRAS program with two candidates in Phase 1 development. The company aims to unlock the scientific potential for a life beyond cancer.
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