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       2025-10-01 10:32:53 
   
      
           
      
           
                        
          focus  
          
                                   
                 
                                      author：focus   
                                        
                                      
                                      Page View：939
                                  
                                    
          
                                   
          Adam's take main illustration
          Molly Ferguson/STAT
          Some day-after thoughts on Bristol Myers Squibb acquiring Mirati Therapeutics:
          A take-under deal feels meh for biotech sector sentiment.Bristol is paying $58 per share in cash for Mirati, which closed Friday at $60. Granted, Mirati was trading in the $30 range in September, so from there, the roughly 50% premium isn’t terrible. But as Mizuho strategist Jared Holz pointed out, investors would liked to have seen Mirati go for $75-$100 per share.
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          With the closely watched XBI biotech index down 13% for the year, every M&A deal helps improve sentiment, but this one — maybe just a little. Bristol is paying $4.8 billion in cash to acquire Mirati, or $3.7 billion after accounting for Mirati’s cash. It’s a small bolt-on acquisition for Bristol, which isn’t overpaying.
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