Bristol Myers Squibb (NYSE:BMY) and Mirati Therapeutics (NASDAQ:MRTX) jointly announced an acquisition deal in which Bristol Myers Squibb will purchase Mirati for $58.00 per share in cash, resulting in a total equity value of $4.8 billion.

Additionally, Mirati shareholders will receive a non-tradeable Contingent Value Right (CVR) for each Mirati share they hold, potentially worth $12.00 per share in cash, offering an additional $1.0 billion in value.

The merger has garnered unanimous approval from the Boards of Directors of both companies. Bristol Myers Squibb's Chief Executive Officer and Board Chair, Giovanni Caforio, expressed enthusiasm for the acquisition, citing its potential to enhance its portfolio and expedite the development of cancer treatments.