How Bristol Myers’ buyout offer for Mirati dwindled by billions of dollars

Af­ter years of be­ing a ru­mored biotech buy­out tar­get, Mi­rati was ul­ti­mate­ly ac­quired by Bris­tol My­ers Squibb ear­li­er this month for $4.8 bil­lion. But the phar­ma buy­er once of­fered more than dou­ble that price, a se­cu­ri­ties fil­ing re­veals.

Through the Oct. 8 deal, Bris­tol My­ers is en­ter­ing a ri­val­ry with Am­gen in tar­get­ing KRAS, the can­cer-dri­ving mu­ta­tion once deemed un­drug­gable. The SEC fil­ing, which de­tails the ne­go­ti­a­tions lead­ing up to the deal, il­lus­trates how the $58 a share that Bris­tol My­ers agreed to pay for Mi­rati was cut down as the hope and hype around KRAS dwin­dled over the years’ worth of in­ter­est in the com­pa­ny.

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