We are investigating the fairness of the proposed sale of Mirati Therapeutics, Inc. (Nasdaq: MRTX) (“Mirati”) to Bristol Myers Squibb (“Bristol Myers”) for $58.00 per share in cash, plus a contingent value right (CVR) potentially worth an additional $12.00 per share in cash.
If you remain a Mirati shareholder and have concerns about the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On October 8, 2023, Mirati announced that it had agreed to be sold to Bristol Myers for $58.00 per share in cash, plus a CVR potentially worth an additional $12.00 per share in cash.
“We are investigating whether the Mirati Board of Directors acted in the best interests of Mirati shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Mirati shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, the deal price is well below Mirati’s 52-week high of $101.30 per share, which indicates an opportunistic purchase.
Further, according to an analysis of Wall Street price targets for Mirati in the last 90 days published on Seeking Alpha, there is an average price target of $64.00 per share, and a high price target of $83.00 per share, which indicates that several Wall Street analysts think the deal price is too low.