Shares of Mirati Therapeutics, Inc. (MRTX) are down more than 5% Monday morning after the news of Bristol Myers Squibb acquiring the company for $58 per share in cash, below Friday’s closing price of $60.20.
The deal involves consideration of $4.8 billion. Mirati stockholders will also receive one non-tradeable Contingent Value Right (CVR) for each Mirati share held, potentially worth $12.00 per share in cash.
The aquisition adds KRAZATI, Mirati’s FDA approved treatment of Non-Small Cell Lung Cancer (NSCLC), to Bristol Myers Squibb’s oncology portfolio. KRAZATI is also being investigated as a combination therapy. Mirati’s oncology pipeline include MRTX1133, MRTX1719, and MRTX0902, which are in early stages of studies.
MRTX is at $56.98. It has traded in the range of $27.30 – $101.30 in the last 1 year.
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