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- Mirati Therapeutics
Mirati Therapeutics Acquisition & Valuation
Mirati Therapeutics was acquired by Bristol-Myers Squibb for $3.7B in October 2023.
About Mirati Therapeutics
Mirati Therapeutics was a San Diego-based targeted oncology company that discovered, developed and commercialised therapies directed at the genetic and immunological drivers of cancer. Its lead medicine, KRAZATI (adagrasib), is a KRAS G12C inhibitor that received US FDA accelerated approval in December 2022 for previously treated KRAS G12C-mutated non-small cell lung cancer. The pipeline also included MRTX1719, a PRMT5 inhibitor for tumours with MTAP deletion, and programmes against KRAS G12D and SOS1. The company traces its origins to the Canadian drug developer MethylGene, which merged into it in 2013, and it was listed on Nasdaq under the ticker MRTX until Bristol Myers Squibb acquired it in January 2024. It earned revenue from product sales and collaboration agreements.
Founded
1995
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$3.7B (acquired Oct 2023)
Sectors
Mirati Therapeutics Acquisition
Mirati Therapeutics was acquired by Bristol-Myers Squibb for $3.7B on 8 October 2023.
Bristol Myers Squibb agreed to acquire Mirati Therapeutics in October 2023 for $58.00 per share in cash, a total equity value of $4.8 billion, and the transaction closed in January 2024, after which Mirati became a wholly owned subsidiary. Mirati stockholders also received one non-tradeable contingent value right per share, worth up to $12.00 in cash, or about $1.0 billion in total, payable on US FDA acceptance of a new drug application for the MRTX1719 programme within seven years of closing. The cash price represented a 52 percent premium to the 30-day volume-weighted average price before the unaffected date of 4 October 2023 and corresponded to an enterprise value of about $3.7 billion after approximately $1.1 billion of Mirati cash. Bristol Myers Squibb said it expected to finance the purchase with a combination of cash and debt, and described Mirati's assets as a strong fit with its oncology portfolio. Mirati is a San Diego-based, Nasdaq-listed targeted oncology company founded in 1995 that was developing and commercialising KRAZATI (adagrasib), a KRAS G12C inhibitor approved by the US FDA in December 2022 for previously treated KRAS G12C-mutated non-small cell lung cancer. Its pipeline also included MRTX1719, a PRMT5 inhibitor for MTAP-deleted tumours, and the KRAS G12D and SOS1 programmes MRTX1133 and MRTX0902. Mirati reported revenue of $12.4 million for 2022 and an operating loss of $759.6 million.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 8 Oct 2023 | Strategic M&A | $3.7B |
Sources: news.bms.com, sec.gov, news.bms.com
Mirati Therapeutics Competitors
Mirati Therapeutics competitors include listed companies like Livzon Pharmaceutical Group, Iovance Biotherapeutics, ACADIA Pharmaceuticals and Apeloa Pharmaceutical, and private ones like Sinovac Life Sciences and Biomat USA.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.8B | $480M | $3.7B | 2.1x | ||
| Publicly listed | $264M | ($356M) | $3.7B | 8.5x | ||
| Publicly listed | $1.1B | $119M | $3.7B | 2.2x | ||
| Publicly listed | $1.5B | $247M | $3.7B | 2.4x | ||
| Private | - | - | $3.3B | - | ||
| Private | - | - | $4.2B | - |
Mirati Therapeutics Public Comps
Mirati Therapeutics is no longer listed, but its public comps include Livzon Pharmaceutical Group, Iovance Biotherapeutics, ACADIA Pharmaceuticals, Apeloa Pharmaceutical, CR Pharmaceutical, Organon, Beijing Tiantan, Enliven Therapeutics, Tango Therapeutics and Simcere Pharmaceutical Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $480M | 1.8x | 2.1x | 6.9x | 7.7x | |||
| $264M | ($356M) | 12.9x | 8.5x | (9.5x) | (17.9x) | |||
| $1.1B | $119M | 2.6x | 2.2x | 23.2x | 18.9x | |||
| $1.5B | $247M | 2.3x | 2.4x | 13.9x | 12.5x | |||
| $40B | $2.6B | 0.5x | 0.5x | 8.1x | 8.3x | |||
| $6.2B | $1.3B | 1.7x | 1.7x | 8.3x | 6.0x | |||
| $926M | $337M | 4.4x | 4.8x | 12.0x | 17.8x | |||
| - | ($119M) | - | - | (23.1x) | (18.1x) | |||
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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 $3.7B in October 2023. |
| Which companies are comparable to Mirati Therapeutics? | Companies comparable to Mirati Therapeutics include Livzon Pharmaceutical Group, Iovance Biotherapeutics, ACADIA Pharmaceuticals, Apeloa Pharmaceutical, Sinovac Life Sciences and Biomat USA. |
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