M&A · Healthcare · Pharmaceutical Preparations
Bristol Myers Squibb Co to acquire Mirati Therapeutics, Inc.
Announced Oct 8, 2023 · Closed Jan 23, 2024
Deal value$4.80BEV $4.67B
Premium35.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$58.00 per share
Transaction
- Acquirer
- Bristol Myers Squibb Co (BMY)
- Target
- Mirati Therapeutics, Inc.
- Buyer type
- Strategic
- Offer price per share
- $58.00
- Enterprise value
- $4.67B
- Status
- Closed Jan 23, 2024
Deal protections
- Break fee (target pays)
- $168M · 3.5%
- Reverse fee (buyer pays)
- $240M · 5.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Evercore, Morgan Stanley
- To the target
- Centerview
- Centerview fee
- $53.0M
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- 35.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedOct 8, 2023
- Proxy filedOct 23, 2023
- Definitive proxyNov 2, 2023
- Shareholder voteDec 13, 2023
- ClosedJan 23, 2024
Valuation · fairness opinions
Trading comparables$24.65$34.05
Precedent transactions$34.05$54.90
Discounted cash flow$49.05$57.65
Analyst price targets$24.00$91.00
Premiums paid$68.60$85.80
Offer $58.00
Implied value per Mirati Therapeutics, Inc. share by analysis, from Centerview · DCF discount rate 10.5%–12%.