Published on 12 Oct 2023 on Zacks via Yahoo Finance
It was a busy week for the biotech sector. M&A is back in the spotlight in the sector as Bristol Myers BMY announces that it will acquire Mirati Therapeutics, Inc. MRTX. Pipeline and regulatory updates from Akero Therapeutics AKRO and Alnylam Pharmaceuticals, Inc. ALNY were also in focus.
Recap of the Week’s Most Important Stories:
Bristol Myers to Acquire Mirati: Biotech giant Bristol Myers announced that it will acquire commercial-stage oncology company Mirati Therapeutics for $58.00 per share in cash, amounting to a total equity value of $4.8 billion. In addition to cash, each Mirati stockholder will receive one non-tradeable Contingent Value Right (CVR) for each share held. This, in turn, will entitle its holder to receive a one-time potential payment of $12.00 in cash, for a total value of approximately $1.0 billion. The payment is contingent upon a potential FDA acceptance of a new drug application for MRTX1719 for the treatment of either locally advanced or metastatic non-small cell lung cancer (NSCLC) in patients who have received no more than two prior lines of systemic therapy within seven years after the closing of the merger.