Bristol Myers Squibb to buy cancer drugmaker for $5.8B

Bristol Myers Squibb, one of the world's largest pharmaceutical companies, plans to acquire oncology drugmaker Mirati Therapeutics for up to $5.8 billion. 

The deal promises $4.8 billion, and the remaining $1 billion is contingent on the "value opportunity" of Mirati's pipeline, according to a Bristol Myers Squibb news release. 

The cancer drugmaker's leading asset is Krazati (adagrasib), which has accelerated FDA approval for small cell lung cancer in adults with a mutation that affects about 14% of patients with the cancer. 

The companies said they plan to finalize the transaction in the first half of 2024. 

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