Turning Point Therapeutics Shares Surge on Bristol Myers Deal
June 03 2022 - 10:36AM
Dow Jones News
By Colin Kellaher
Shares of Turning Point Therapeutics Inc. took flight on Friday
after the clinical-stage precision-oncology company agreed to be
acquired by Bristol Myers Squibb Co. for $4.1 billion.
Bristol Myers said it would pay $76 a share in cash for San
Diego-based Turning Point, more than Thursday's closing price of
$34.16.
The purchase price is shy of Turning Point's 52-week high of
$83.06 last June and well below its all-time high of $141.30
reached in February 2021, before a big downturn in the
biotechnology sector.
Turning Point shares were recently changing hands at $73.75,
while shares of New York-based Bristol Myers, which is using cash
on hand to fund the deal, were roughly flat at $75.01.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 03, 2022 10:21 ET (14:21 GMT)
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