BMS to acquire Mirati and its cancer treatments for $5.8bn

10 Oct 2023

Image: © JHVEPhoto/

BMS aims to strengthen its pipeline of cancer treatments and will add Mirati’s lung cancer medicine to its commercial portfolio.

Global biopharma company Bristol Myers Squibb (BMS) has entered into a definitive agreement to acquire Mirati Therapeutics for up to $5.8bn.

BMS has agreed to pay $58 per share for a total equity value of $4.8bn, while Mirati shareholders will also receive one non-tradeable contingent value right for each Mirati share held. BMS said this represents another $1bn in value opportunity.

The biopharma company is making the deal to gain access to Mirati’s portfolio of cancer drugs. One example of this is Krazati, a lung cancer medicine developed by Mirati, which BMS plans to add to its commercial portfolio. Krazati received accelerated approval by the US Food and Drug Administration towards the end of 2022.

Mirati has multiple potential treatment options in its pipeline, which BMS said could be used for single agent development and combination strategies. Giovanni Caforio, the CEO and board chair of BMS, said the company is excited to accelerate the development of these assets to deliver “more treatments for cancer patients”.

“With a strong strategic fit, great science and clear value creation opportunities for our shareholders, the Mirati transaction is aligned with our business development goals,” Caforio said. “Importantly, by leveraging our skills and capabilities, including our global commercial infrastructure, we will ensure patients globally can benefit from Mirati’s portfolio of innovative medicines.”

Mirati’s founder, president and CEO, Dr Charles Baum, said the company has made “significant strides” in transforming the lives of cancer patients with its therapies.

“This transaction is a testament to the potential of our platform and to our team’s hard work and dedication to changing lives,” Baum said. “Bristol Myers Squibb’s global scale, resources and commitment to innovation will enable Mirati’s therapeutics to benefit more patients, faster, and deliver on our vision of unlocking the science behind the promise of a life beyond cancer.

“We believe that this transaction is the best way to benefit patients and maximise value for shareholders.”

BMS said the acquisition of Mirati is expected to close by the first half of 2024, subject to customary closing conditions, including the approval of Mirati’s stockholders and regulatory approval.

Last year, BMS acquired Turning Point Therapeutics to gain access to another pipeline of potential cancer treatments.

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Leigh Mc Gowran is a journalist with Silicon Republic