Bris­tol My­ers jumps in­to the M&A game with a $4B on­col­o­gy buy­out. And weary biotech an­a­lysts could­n't be any hap­pi­er

Bris­tol My­ers Squibb has nabbed Turn­ing Point Ther­a­peu­tics in a $4.1 bil­lion buy­out deal, just weeks af­ter the biotech post­ed an up­beat round of pos­i­tive hu­man da­ta for its lead drug, re­potrec­tinib.

The buy­out — at $76 a share — gives Bris­tol My­ers a ri­val to Pfiz­er’s Xalko­ri and Roche’s Ro­z­lytrek in ROS1-pos­i­tive non-small cell lung can­cer.

The share price for Turn­ing Point $TP­TX more than dou­bled on the news Fri­day morn­ing. But the stock had sunk by a third since the start of the year, set­ting the stage for a buy­out.

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