Mirati Therapeutics, a San Diego biotechnology company developing commercial drugs for cancer treatment, was just purchased by a pharmaceutical giant for more than $4.8 billion. Bristol Myers Squibb, one of the world’s largest pharmaceutical companies, announced Sunday evening that it will buy Mirati for $58 per share in a deal funded by cash and debt. There is potential for an additional $1 billion in milestone payments. The deal is expected to close in the first half of next year.
Mirati Therapeutics has been in San Diego developing treatments targeted at the genetic and immunological causes of cancer for 28 years. The biotech employed 593 people at the end of last year. In addition to Krazati, Bristol Myers Squibb gains access to Mirati’s pipeline of potential treatments for lung, bile duct and skin cancer tumors, as well as tumor mutations in pancreatic, lung and colorectal cancers.