In a boost for precision medicine, Bristol Myers Squibb Co is to spend up to $5.8 billion to buy Mirati Therapeutics Inc of the US which uses molecular biology to design drugs that are intended to arrest cancer growth by targeting specific genetic mutations. BMS will pay $58 per share for the precision medicine company, representing an outlay of $4.8 billion. If Mirati shareholders decide to buy additional non-tradeable contingent value rights, the value of the acquisition could rise to as much as $5.8 billion.
