US pharmaceutical company Bristol-Myers Squibb announced a US$4.8 billion (RM22.7 billion) deal yesterday to acquire cancer drugmaker Mirati Therapeutics.

Bristol-Myers Squibb will pay US$58 per share in cash “for a total equity value of US$4.8 billion”, the companies said in a joint statement.

In addition, a guaranteed value certificate could provide Mirati shareholders with a potential additional US$12 per share, or up to an additional US$1 billion in total.

The statement said both companies’ boards of directors had approved the agreement.

“Through this acquisition, Bristol-Myers Squibb will add Krazati, an important lung cancer medicine, to its commercial portfolio,” it said.

Krazati targets a specific type of mutation that makes up 14% of non-small cell lung cancer diagnoses, it said.

“With multiple targeted oncology assets including Krazati, Mirati is another important step forward in our efforts to grow our diversified oncology portfolio and further strengthen Bristol-Myers Squibb’s pipeline for the latter half of the decade and beyond,” said Chris Boerner, the company’s executive vice-president and incoming CEO. – AFP, October 9, 2023.