Turning Point Therapeutics to be Acquired by Bristol Myers Squibb

Jun 3, 2022 By MarketDepth

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Cancer Research

Bristol Myers Squibb (NYSE: BMY) and Turning Point therapeutics, Inc. (NASDAQ: TPTX) has announced a definitive merger agreement under which Bristol Myers Squibb will acquire Turning Point therapeutics for USD 76 per share.  This transaction was approved by both company board of directors and is expected to close  during the third quarter of 2022. “The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset,” said Giovanni Caforio, M.D., Board Chair and Chief Executive Officer, Bristol Myers Squibb. “With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile.”

“Today’s news builds upon our long legacy of pioneering next-generation medicines for patients with cancer. With repotrectinib, we have the opportunity to change the standard of care and address a significant unmet medical need for ROS1-positive non-small cell lung cancer patients.”

Samit Hirawat, M.D., Chief Medical Officer, Global Drug Development, Bristol Myers Squibb

“Through this transaction, we will be able to harness the full potential of our precision oncology platform to advance the standard of care for cancer patients. Since our founding, we have leveraged our deep scientific expertise to develop a pipeline of promising precision oncology assets,” said Athena Countouriotis, M.D., President and Chief Executive Officer, Turning Point Therapeutics. “With Bristol Myers Squibb’s leadership in oncology, strong commercial capabilities and manufacturing footprint, we will be able to further accelerate the pace at which we can bring our novel medicines to benefit people diagnosed with cancer around the world.”