Bristol Myers Squibb to acquire cancer drugmaker Turning Point for $4.1 billion
Bristol Myers Squibb (BMS) has announced it will acquire oncology firm Turning Point Therapeutics in a $4.1 billion merger, expected to be completed in the third quarter of 2022. The company will gain Turning Point’s lead asset, repotrectinib, aiming to treat lung cancer and solid tumours.
The boards of directors for both companies unanimously approved the deal. BMS will pay $76 per share for Turning Point. The deal is set to boost BMS’ oncology portfolio, which was initially expanded by the $74 billion acquisition of cancer specialists at Celgene Corporation in 2019. Turning Point focus on oncogenesis, or the process in which healthy cells turn cancerous.
“The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-inclass, late-stage precision oncology asset. With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile,” said Giovanni Caforio, CEO at BMS.
Repotrectinib is a next-generation tyrosine kinase inhibitor (TKI), and Turning Point’s lead asset. The TKI can target the cancer-causing drivers of non-small cell lung cancer (NSCLC), as well as other more advanced solid tumours. Repotrectinib has already been granted three breakthrough therapy designations from the FDA, and BMS has shared that it hopes to see the inhibitor become a “new standard” of care for individuals with ROS1-positive NSCLC in the first line setting.
“With Bristol Myers Squibb’s leadership in oncology, strong commercial capabilities, and manufacturing footprint […] we will be able to harness the full potential of our precision oncology platform to advance the standard of care for cancer patients,” commented Athena Countouriotis, president and CEO of Turning Point Therapeutics.
Countouriotis outlined further that, with BMS’ oncology lead and manufacturing capabilities, Turning Point will be enabled to provide and reach patients diagnosed with cancer around the world.
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