Bristol Myers Squibb Acquires Mirati Therapeutics for up to $5.8 Billion

On Oct 8, 2023, Bristol Myers Squibb and Mirati Therapeutics announced that Bristol Myers Squibb has acquired Mirati for a total equity value of $4.8 billion. Mirati stockholders will receive one non-tradable Contingent Value Right for each Mirati share held, possibly representing another $1 billion. Both boards unanimously agreed on the merger.

Mirati is a commercial-stage targeted oncology company designed to create breakthrough therapies for cancer patients, making it a good fit with Bristol Myers Squibb’s oncology portfolio. One of Mirati’s most attractive assets, KRAZATI (adagrasib),is a lung cancer medicine that Bristol Myers Squibb will now add to its commercial portfolio. Adagrasib was given accelerated approval by FDA for the treatment of KRAS-mutated Non-Small Lung Cancer (NSCLC) in patients who have gone through one prior systemic therapy.

Other assets include MRTX1719, and a leading KRAS and KRAS enabling program. MRTX1719 is “a potential first-in-class MTA-cooperative PRMT5 inhibitor” currently in phase one development. It targets MTAP-deleted tumors, which make up around 10% of all cancers. The second phase of development is planned to start in the first half of 2024. The KRAS and KRAS enabling program include MRTX1133 and MRTX0902. MRTX113 targets the KRAS mutation, which contributes to key tumor types, and is implicated in over 30% of pancreatic cancer patients. MRTX0902 is a phase one SOS1 inhibitor that may have use in combination with other agents targeting the MAPK/RAS pathway, including Adagrasib.

“Mirati strengthens and complements our current portfolio by adding assets focused on intrinsic tumor targets in the MTAP and MAPK pathways,” said Samit Hirawat, M.D., Bristol Myers Squibb’s chief medical officer and head of Global Drug Development, in a press release. “We believe Mirati’s assets have the potential to change the standard of care in multiple cancers, both as standalone therapies and in combination with Bristol Myers Squibb’s existing pipeline. We are excited about the significant potential that this transaction creates to transform patients’ lives through science around the world.”

Source: Bristol Myers Squibb