Bristol Myers Squibb Completes Acquisition of Mirati Therapeutics, Strengthening and Diversifying Oncology Portfolio
24 January 2024 - 12:30AM
Business Wire
Bristol Myers Squibb (NYSE: BMY) today announced that it has
successfully completed its acquisition of Mirati Therapeutics,
Inc.® (“Mirati”). With the completion of the acquisition, Mirati
shares have ceased trading on the NASDAQ Global Select Market and
Mirati is now a wholly owned subsidiary of Bristol Myers
Squibb.
“The closing of the Mirati transaction is a significant
milestone in our efforts to further diversify our oncology
portfolio and strengthen our pipeline in the latter half of the
decade and beyond,” said Chris Boerner, Ph.D., Chief Executive
Officer, Bristol Myers Squibb. “Mirati’s incredibly talented
employees have built a strong portfolio of assets and capabilities
that are highly complementary with BMS’. We welcome them and look
forward to working together to leverage BMS’ global scale and
resources to deliver more treatments for cancer patients,
faster.”
Through this transaction, BMS has added commercialized lung
cancer medicine KRAZATI (adagrasib) to its oncology portfolio as
well as several promising clinical assets, including a potential
first-in-class MTA-cooperative PRMT5 inhibitor in Phase 1
development, and a leading KRAS and KRAS enabling program with two
candidates in Phase 1 development.
The transaction is expected to be treated as a business
combination and to be dilutive to Bristol Myers Squibb’s non-GAAP
earnings per share by approximately $0.35 per share in 2024.
Advisors
Evercore Inc. and Morgan Stanley & Co. LLC are serving as
financial advisors to Bristol Myers Squibb, and Kirkland &
Ellis LLP is serving as legal counsel. Centerview Partners LLC is
serving as financial advisor to Mirati, and Skadden, Arps, Slate,
Meagher & Flom LLP is serving as legal counsel.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose
mission is to discover, develop and deliver innovative medicines
that help patients prevail over serious diseases. For more
information about Bristol Myers Squibb, visit us at BMS.com or
follow us on LinkedIn, Twitter, YouTube, Facebook and
Instagram.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, the acquisition of Mirati
by Bristol Myers Squibb. These statements may be identified by the
fact they use words such as “should,” “could,” “expect,”
“anticipate,” “estimate,” “target,” “may,” “project,” “guidance,”
“intend,” “plan,” “believe,” “will” and other words and terms of
similar meaning and expression in connection with any discussion of
future operating or financial performance, although not all
forward-looking statements contain such terms. All statements that
are not statements of historical facts are, or may be deemed to be,
forward-looking statements. These statements are only predictions,
and such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual outcomes and results to differ materially
from current expectations. No forward-looking statement can be
guaranteed. Actual results may differ materially from current
expectations because of numerous risks and uncertainties including
with respect to (i) the risk that the expected benefits or
synergies of the acquisition will not be realized, (ii) the risk
that legal proceedings may be instituted related to the merger
agreement, and (iii) unanticipated difficulties or expenditures
relating to the transaction, the response of business partners and
competitors to the consummation of the transaction and/or potential
difficulties in employee retention as a result of the consummation
of the transaction. Forward-looking statements in this
communication should be evaluated together with the many
uncertainties that affect Bristol Myers Squibb’s business,
particularly those identified in the cautionary factors discussion
in Bristol Myers Squibb’s Annual Report on Form 10-K for the year
ended December 31, 2022, and its subsequent Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K and in Mirati’s Annual
Report on Form 10-K for the year ended December 31, 2022 and its
subsequent Quarterly Reports on Form 10-Q , as well as other
documents that may be filed by Bristol Myers Squibb from time to
time with the SEC. Neither Bristol Myers Squibb nor Mirati
undertakes any obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise. The forward-looking statements made in this
communication relate only to events as of the date on which the
statements are made.
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