Bristol Myers to buy Turning Point Therapeutics for $4.1 billion

06/03/2022

Less than a minute

2022.06.03 14:31

Bristol Myers to buy Turning Point Therapeutics for $4.1 billion
FILE PHOTO: A woman holds test tube in front of displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

(Reuters) -Bristol Myers Squibb said on Friday it would acquire drug developer Turning Point Therapeutics (NASDAQ:TPTX) Inc for $4.1 billion in cash to gain access to a portfolio of promising cancer drugs.

The U.S. drugmaker will pay $76 per Turning Point share, a 122.5% premium to its last closing price.

Turning Point’s lead asset is repotrectiniba that belongs to a class of treatments called tyrosine kinase inhibitors.

Bristol Myers (NYSE:BMY) expects repotrectinib to be approved in the United States in the second half of 2023.

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06/03/2022

Less than a minute