Mirati Therapeutics Acquisition, Valuation, Funding & Investors

Mirati Therapeutics was acquired by Bristol-Myers Squibb for $5.8B in October 2023.

Mirati Therapeutics acquisition price

$5.8B

Acquired by Bristol-Myers Squibb · Oct 2023

Mirati Therapeutics revenue at acquisition

$38M

Last twelve months · Oct 2023

Cumulative funding Mirati Therapeutics raised

$155M

across 2 funding rounds

Mirati Therapeutics Overview

About Mirati Therapeutics

Mirati Therapeutics is a clinical-stage biopharmaceutical company developing targeted oncology therapies including adagrasib for KRAS G12C-mutated cancers. San Diego-headquartered Mirati advances precision medicines through Phase 3 trials and partnerships in lung and colorectal cancers.


Founded

1995

HQ

United StatesSan Diego, CA

Website

mirati.com

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Revenue

$38M (Oct 2023)

Valuation

$5.8B (acquired Oct 2023)

Mirati Therapeutics Acquisition

Mirati Therapeutics was acquired by Bristol-Myers Squibb for $5.8B on 8 October 2023.

Before the acquisition Mirati Therapeutics had raised $155M across 2 funding rounds.

Mirati Therapeutics acquisition details
AcquirerDateTypePriceEV/Revenue
8 Oct 2023Strategic M&A$5.8B151.8x

Mirati Therapeutics Funding History

Mirati Therapeutics has raised a total of $155M across 2 funding rounds.

Mirati Therapeutics' first fundraising round was a $52M undisclosed-stage round in February 2015. The most recent completed round was a $103M undisclosed-stage round in September 2015.

Mirati Therapeutics funding rounds

Mirati Therapeutics funding rounds
DateStageRaisedDeal Summary
Sep 2015Undisclosed stage$103MMirati Therapeutics announced a proposed public offering of $80 million in common stock in September 2015, with the company reporting cash and equivalents of $122.3 million at the end of 2015. The company was focused on developing oncology therapeutics, including programs for non-small cell lung cancer. Mirati remained private until its acquisition by Bristol Myers Squibb in October 2023 for $4.8 billion in equity value plus up to $1 billion in contingent payments based on regulatory approval of the MRTX1719 program, valuing the total transaction at up to $5.8 billion.
Feb 2015Undisclosed stage$52MMirati Therapeutics, a clinical-stage oncology company, completed a public stock offering in February 2015, raising net proceeds of $48.4 million from 2.6 million shares. The company was advancing multiple oncology programs including MGCD265, MGCD516, and mocetinostat, with increased research and development expenses reflecting clinical development costs. In September 2015, Mirati completed another public offering of 2.25-2.3 million shares, generating $94.9 million in net proceeds. Cash position grew significantly to $122.3 million by December 31, 2015, from $29.3 million at year-end 2014, primarily funded by these equity offerings. General and administrative expenses rose to $15.8 million for 2015 from $12.7 million in 2014, driven by higher stock-based compensation. The company reported progress in its pipeline, including Phase 1b results for glesatinib showing responses in NSCLC patients, leading to a Phase 2 trial using diagnostics from Guardant Health and Foundation Medicine. Later, Mirati developed Krazati (adagrasib), approved in 2022 for KRAS G12C-mutant NSCLC, but this was years after the 2015 round.

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Mirati Therapeutics Competitors

Mirati Therapeutics competitors include listed companies like Cogent Biosciences, Abbott India, China Resources Sanjiu and Ligand Pharmaceuticals, and private ones like Biocon Biologics and Intas Pharmaceuticals.

Public and private companies comparable to Mirati Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cogent BiosciencesUnited StatesUnited StatesPublicly listed-($336M)$5.8B1234.0x
Abbott IndiaIndiaIndiaPublicly listed$722M$199M$5.7B7.4x
China Resources SanjiuChinaChinaPublicly listed$4.7B$930M$5.9B1.6x
Ligand PharmaceuticalsUnited StatesUnited StatesPublicly listed$268M$184M$5.7B19.1x
Biocon BiologicsIndiaBangalorePrivate$1.1B-$4.5B4.2x
Intas PharmaceuticalsIndiaAhmedabadPrivate$2B-$4.3B2.1x

Mirati Therapeutics Public Comps

Mirati Therapeutics is no longer listed, but its public comps include Cogent Biosciences, Abbott India, China Resources Sanjiu, Ligand Pharmaceuticals, PTC Therapeutics, Dianthus Therapeutics, Scholar Rock, Samsung Bioepis, Apotex Health and Xenon Pharmaceuticals.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Cogent Biosciences-($336M)-1234.0x(15.7x)(14.1x)
Abbott India$722M$199M7.7x7.4x27.7x26.5x
China Resources Sanjiu$4.7B$930M1.7x1.6x8.5x8.5x
Ligand Pharmaceuticals$268M$184M20.3x19.1x29.6x29.7x
PTC Therapeutics$1.7B$888M2.4x3.0x4.7x7.8x
Dianthus Therapeutics$2M($178M)2346.4x2479.7x(26.8x)-
Scholar Rock-($383M)-1214.0x(14.8x)(13.5x)
Samsung Bioepis$1.2B$310M6.6x5.9x24.6x17.2x

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Common questions about Mirati Therapeutics

When was Mirati Therapeutics founded?Mirati Therapeutics was founded in 1995.
Where is Mirati Therapeutics headquartered?Mirati Therapeutics is headquartered in San Diego, CA, United States.
Is Mirati Therapeutics publicly listed?No, Mirati Therapeutics was acquired by Bristol-Myers Squibb in October 2023.
Who acquired Mirati Therapeutics?Mirati Therapeutics was acquired by Bristol-Myers Squibb in October 2023.
How much was Mirati Therapeutics acquired for?Mirati Therapeutics was acquired for $5.8B in October 2023.
How much funding has Mirati Therapeutics raised?Mirati Therapeutics has raised $155M across 2 funding rounds.
What was Mirati Therapeutics' last funding round?Mirati Therapeutics' last funding round was a $103M undisclosed-stage round in September 2015.
Which companies are comparable to Mirati Therapeutics?Companies comparable to Mirati Therapeutics include Cogent Biosciences, Abbott India, China Resources Sanjiu, Ligand Pharmaceuticals, Biocon Biologics and Intas Pharmaceuticals.

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