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MRTX.US
id: 875

Mirati (MRTX) M&A Case

The plaintiff has voluntarily dismissed the case, ending the lawsuit.
D. Delaware
Court
1:23-cv-01297
Case number

  • Bristol-Myers said it would acquire Mirati for $58.00 in cash per share plus $12.00 CVR.

  • Before the deal, analyst targets were higher than the offered price.

  • The lawsuit alleges that the proposed $MRTX sale price undervalues the company.

On October 8, 2023, Bristol-Myers Squibb announced it would acquire Mirati Therapeutics for up to $5.8 billion.

  • The deal offers Mirati shareholders $58.00 in cash per share, and

  • Contingent Value Right, which would grant an extra $12.00 in cash if the FDA accepts the NDA of MRTX1719 for specific treatment criteria within seven years post-merger.

Just before the proposed deal, investment banks' targets were higher than the acquisition price, analysts from Barclays forecasted $71, Leerink - $78, and Stifel - $83.

Taking all facts into account, investors have reasons to suspect that this deal underestimates $MRTX's full and fair value.

Case Status
Voluntary Dismissed
Alleged Offence
Mismanagement, 
Financial Misrepresentation, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/07/2023
Filing date
11/14/2023