BMS has concluded the acquisition of Mirati Therapeutics for $5.8bn, a move that significantly bolsters and diversifies its oncology portfolio.

The acquisition was initially agreed upon in October 2023.

A commercial-stage targeted oncology company, Mirati is known for its focus on discovering, designing and developing cancer treatments.

On the deal’s closure, Mirati ceased trading on the NASDAQ Global Select Market and became a wholly owned BMS subsidiary.

The acquisition brings KRAZATI (adagrasib), a lung cancer medicine, into BMS’ oncology portfolio.

The company has also gained access to clinical assets including a Phase I MTA-co-operative PRMT5 inhibitor and a KRAS programme with two candidates in the Phase I stage of development.

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These additions bolster BMS’ position in targeted oncology.

The deal is anticipated to be dilutive to BMS’ non-GAAP [generally accepted accounting principles] earnings per share by $0.35 in 2024.

The transaction will be treated as a business combination.

Evercore and Morgan Stanley advised BMS on financial aspects of the acquisition and Kirkland & Ellis LLP provided legal counsel.

Mirati received financial advice from Centerview Partners and legal guidance from Skadden, Arps, Slate, Meagher & Flom.

Bristol Myers Squibb CEO Chris Boerner stated: “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.

“Mirati’s incredibly talented employees have built a strong portfolio of assets and capabilities that are highly complementary to 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.”