Bristol Myers to Buy Turning Point Therapeutics for $4.1 Billion
June 03 2022 - 7:43AM
Dow Jones News
By Colin Kellaher
Bristol Myers Squibb Co. on Friday said it agreed to buy
clinical-stage precision-oncology company Turning Point
Therapeutics Inc. for $4.1 billion, or $76 a share, in cash.
The purchase price is more than double Thursday's closing price
of $34.16 for San Diego-based Turning Point.
New York biopharmaceutical company Bristol Myers said the deal
bolsters its oncology pipeline with the addition of Turning Point's
lead asset, repotrectinib, a next-generation, potential
best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK
oncogenic drivers of non-small cell lung cancer and other advanced
solid tumors.
Bristol Myers said it expects repotrectinib to win U.S. Food and
Drug Administration approval in the second half of 2023 and to
become a new standard of care for patients with ROS1-positive
non-small cell lung cancer in the first-line setting.
Bristol Myers said it will use cash on hand fund the
acquisition, which it expects to complete in the third quarter.
Turning Point shares more than doubled in premarket trading to
$73.57.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 03, 2022 07:28 ET (11:28 GMT)
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