Bristol-Myers Squibb (BMY) moved to expand its reach into cancer-fighting drugs by buying Mirati Therapeutics (MRTX) in an alꦡl-cash de🅷al for what could total $5.8 billion.

The initial phase of the agreement has Bristol-Myers paying $58 per share for Mirati, which is a discount of 3.7% from Mirati’s closing price Friday. However, Mirati investors will also receive one non-tradeable 澳洲幸运5官方开奖结果体彩网:Contingent Value Right (CVR) for each Mirati share they own, potentially worth $12 per share.

Bristol-Myers adds Mirati's already 澳洲幸运5官方开奖结果体彩网:Food and Drug Administration (FDA)-approved Krazati treatment for certain non-small cell lung cancers using a KRAS inhibitor, which blocks signals to cancer cells to reproduce. It also has several other potential cancer-fighting medicines in its pipeline. The payout🔴 for the CVRs would come if the FDA accepts the application of one of them, MRTX1719, to treat lung cancer. 

Bristol-Myers COO and CEO-elect Chris Boerner called the m🐬ove “another important step forward in our efforts to grow our diversified oncology portfolio” and further strengthen the company’s pipelꦓine for the future.

The transaction is expected to close in the first half of next year.

Shares of Mirati tumbled over 5% in early trading on Monday following the news, although they remained higher for the year. Bristol-Myers Squibb shares were also lower.