BMS buys cancer biotech for $4.1B

June 3, 2022

Bristol Myers Squibb has bought Turning Point Therapeutics, a California-based cancer biotech, for $4.1 billion. 

Turning Point was founded in 2013, and since then has focused on the development of investigational medicines designed to target the most common mutations associated with oncogenesis. 

A key selling point for BMS in the deal was Turning's lead drug candidate, 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. 

The drug has been granted Breakthrough Therapy Designations for three indications by the FDA, and BMS expects approval by the second half of 2023. 

Following the closing of the offer, BMS will acquire all outstanding shares of Turning Point Therapeutics at a price of $76 a stock in an all-cash transaction totaling $4.1 billion. 

“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, CEO at BMS. “With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile.”

Recently, BMS received the FDA nod for its potential-blockbuster heart disease drug, Camzyos, which became a part of its portfolio after acquiring MyoKardia for $13.1 billion back in 2020.