Bristol Myers Squibb (NYSE: BMY) noticed its shares at a standstill Tuesday, following word that it has successfully completed its acquisition of Mirati Therapeutics, Inc. 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 Bristol CEO Chris Boerner. “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.
As for the shares themselves, BMY were unchanged first thing Tuesday at $49.57.
