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Friday, June 3, 2022

Bristol-Myers To Buy Turning Point Therapeutics for $4.1 B

 Bristol-Myers Squibb  (BMY) - Get Bristol-Myers Squibb Company Report said Friday it will buy Turning Point Therapeutics  (TPTX) - Get Turning Point Therapeutics, Inc. Report in a deal that values the San Diego-based oncology specialists at around $4.1 billion.

Bristol-Myers will pay $76 per share, in cash, for Turning Point Therapeutics, a 122% premium to the group's Thursday closing price on the Nasdaq, in a deal that has the group's unanimous board approval. 

Bristol-Myers said the acquisition would clip 8 cents per share from its non-GAAP earnings this year, but will begin to boost its bottom line by 2025.  

“The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset,” said Bristol-Myers CEO Giovanni Caforio. “With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile.”  

https://www.thestreet.com/markets/bristol-myers-to-buy-turning-point-in-4-1-billion-oncology-deal

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