Bristol Myers Squibb (NYSE: BMY) has historically been a growth machine, always on the hunt for acquisitions and ways to get bigger and better. But acquisitions have also been a bit of a necessity since it faces some concerning patent cliffs in the future that could result in a significant drop in sales. That's one of the key reasons the stock trades at a big discount now.

The company recently announced yet another acquisition. Does this latest deal alleviate some of the risks related to Bristol Myers stock, and is it a good investment to add to your portfolio today?

On Oct. 8, Bristol Myers announced plans to acquire Mirati Therapeutics. Under the merger agreement, it will cost up to $5.8 billion ($1 billion is contingent on the approval of a new drug application for MRTX1719, which could be several years away). Mirati is an oncology company that Bristol Myers says is a "strong fit" for its portfolio that can help diversify and expand its line of drugs.

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Source Fool.com