The shares of Mirati Therapeutics Inc. (NASDAQ: MRTX) experienced a decline of 5.28%, with a trading value of $56.98 at the closing bell of recent trading session. This dip in Mirati Therapeutics stock price follows a recent acquisition offer, which has prompted a correction of over 45% from the significant surge observed after the takeover bid last week.
The stock concluded the Friday trading session at $60.20. Furthermore, it is worth noting that a reaffirmation of the stock rating by an analyst failed to shield MRTX stock from the price fluctuations observed yesterday.
Mirati Therapeutics (MRTX) continued to receive comprehensive attention from BMO Capital on the 6th of October, 2023. BMO Capital, in their assessment last Friday, upheld their endorsement of Mirati Therapeutics with a “Market Perform” appraisal.
The analysts at BMO Capital have bolstered their optimism regarding the prospects of appreciable augmentation in the company’s share value. This heightened optimism is primarily attributed to the escalating plausibility that Amgen’s Lumakras may be evaluated as either akin to docetaxel or somewhat less efficacious, or it conceivably faces the prospect of an outright denial of regulatory approval.
Bristol-Myers Squibb (BMY) is set to acquire cancer drugmaker Mirati Therapeutics in a deal valued at up to $5.8 billion, marking a strategic shift to diversify its oncology business and counter expected revenue losses from upcoming patent expirations. The acquisition comes after French pharmaceutical company Sanofi also expressed interest in Mirati.
BMY will pay $4.8 billion in cash for the acquisition, and as Miratiholds $1.1 billion of cash in hand, it implied an enterprise value of about $3.7 billion. A non-tradeable contingent value right per share, valued at $12 in cash for Mirati owners, will also be provided, bringing the deal’s total value to $1 billion.Bristol’s oncology portfolio will be strengthened by the acquisition, however it is anticipated that in the first year after the acquisition, non-GAAP earnings per share will be reduced by about 35 cents.
By making this tactical move, Bristol-Myers Squibb reaffirms its dedication to preserving its leading position in the pharmaceutical sector and growing its oncology product line.Mirati (MRTX) drug portfolio, known for targeting the genetic drivers of specific cancers, including the FDA-approved lung cancer drug Krazati, is a significant asset for Bristol.
