How Bristol Myers’ Buyout Offer for Mirati Dwindled by Billions of Dollars

After years of being a rumored biotech buyout target, Mirati was ultimately acquired by Bristol Myers Squibb earlier this month for $4.8 billion. But the pharma buyer once offered more than double that price, a securities filing reveals. Through the Oct. 8 deal, Bristol Myers is entering a rivalry with Amgen in targeting KRAS, the cancer-driving mutation once deemed undruggable. The SEC filing, which details the negotiations leading up to the deal, illustrates how the $58 a share that Bristol Myers agreed to pay for Mirati was cut down as the hope and hype around KRAS dwindled over the years’ worth of interest in the company.

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Source: https://endpts.com/how-bristol-myers-buyout-offer-for-mirati-dwindled-by-billions-of-dollars

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