Bris­tol My­ers makes a $4.8B bet on KRAS, strik­ing deal to ac­quire Mi­rati

Bris­tol My­ers Squibb has signed a $4.8 bil­lion deal to buy Mi­rati Ther­a­peu­tics and its can­cer drug Kraza­ti, which tar­gets what was once thought to be an elu­sive mu­ta­tion in KRAS.

The drug­mak­er will pay $58 per share, ac­cord­ing to a press re­lease Sun­day an­nounc­ing the deal. That’s about $2 less than Mi­rati’s clos­ing price Fri­day, af­ter the shares surged more than 40% fol­low­ing a Bloomberg re­port that Sanofi was look­ing at a deal for the biotech com­pa­ny.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER