Mirati Therapeutics could see another bidder emerge, Leerink says
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Mirati Therapeutics (NASDAQ:MRTX) could see another potential bidder as the deal with Bristol-Myers Squibb (NYSE:BMY) is lower than expected, according to a Leerink analyst.
There's unlikely to be other bidders for Mirati (MRTX), CNBC's David Faber said on the business network on Monday morning, citing people familiar.
Bristol-Myers (BMY) on Sunday announced an agreement to acquire Mirati (MRTX) for $4.8 billion, or $58 a share in cash, and the deal also includes a $12 contingent value right if certain benchmarks are reached.
We think the offer "is significantly below what we see as the strategic value of the company, with a number of potentially value-adding catalysts in the near term, including an FDA decision about competitor Amgen's Lumakras, which had a negative AdCom that could lead to revocation of marketing authorization, and addition data regarding the PRMT5 inhibitor class of drugs at the Triple Meeting this week," Leerink analyst Andrew Scott Berens, who has an outperform rating on MRTX, wrote in a note. 
Mirati (MRTX) shares dropped 5.5% on Monday as investors appeared to be disappointed by the $58/share deal, below the $60 closing price on Friday. 
Leerink's Berens also highlighted that the Mirati (MRTX) transaction price is "significantly" below the company's 52-week high of $101.30 reached on Nov. 28. 
Mirati (MRTX) stock soared 45% on Thursday, at least partly amid a Bloomberg report about potential takeover interest as well as the news about Amgen's (AMGN) Lumakras drug.

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