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Bristol Myers Squibb and Mirati Therapeutics have entered into a definitive merger agreement under which BMS will acquire Mirati for $58.00 per share in cash, for a total equity value of $4.8 billion. The transaction was unanimously approved by the Bristol Myers Squibb and Mirati boards of directors.
Mirati is a commercial stage targeted oncology company. Through its acquisition, Bristol Myers Squibb will add to its commercial portfolio KRAZATI (adagrasib), which was granted accelerated FDA approval for the treatment of adult patients with KRASG12C-mutated locally advanced or metastatic Non-Small Cell Lung Cancer (NSCLC) who have received at least one prior systemic therapy.
BMS also will gain access to several promising clinical assets that complement its oncology pipeline and are strong candidates for single agent development and combination strategies, such as:
- MRTX1719, a potential first-in-class MTA-cooperative PRMT5 inhibitor in Phase 1 development, which has shown encouraging early efficacy data across several tumor types with MTAP deletion, including NSCLC, cholangiocarcinoma (bile duct cancer) and melanoma, with no evidence to date of meaningful hematologic toxicities associated with non-selective PRMT5 inhibitors.
- A leading KRAS and KRAS enabling program, including MRTX1133 and MRTX0902. MRTX1133 targets the KRASG12D mutation, which is implicated in key tumor types, such as pancreatic cancer, NSCLC and colorectal cancer. MRTX0902 is a SOS1 inhibitor in Phase 1 clinical development with the potential for combination use with other agents targeting the MAPK/RAS pathway, including KRAZATI.
“We are excited to add these assets to our portfolio and to accelerate their development as we seek to deliver more treatments for cancer patients,” says Giovanni Caforio, CEO and board chair, Bristol Myers Squibb. “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. 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.”
