Bristol-Myers Squibb Co. has agreed to buy cancer drugmaker Mirati Therapeutics Inc. for $4.8 billion as the company seeks a path through looming patent losses for its top-selling drugs.
Mirati shareholders will get $58 per share in cash, the companies said in a statement on Sunday. Stockholders will also receive one non-tradeable contingent value right for each Mirati share held, potentially worth $12.00 per share in cash. That would represent an additional $1 billion of value opportunity.
The deal with Mirati will provide a boost to Bristol while it struggles with under-performing sales triggered by patent expirations that have already weighed on its aging oncology portfolio. Its top selling blood-thinner Eliquis and cancer immunotherapy blockbuster Opdivo are scheduled to face generic competition later this decade.
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