Bristol Myers to Buy Turning Point Therapeutics for $4.1 Billion

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 [e-mail]

(END) Dow Jones Newswires

06-03-22 0728ET