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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