Bristol Myers Squibb acquires RayzeBio in $4.1bn deal
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US multinational pharmaceutical company Bristol Myers Squibb is to acquire radiological drug developer RayzeBio, Inc. for approximately $4.1bn. Bristol Myers Squibb will acquire RayzeBio for $62.50 per share in cash, representing a premium of 104 percent to the stock’s last close. The transaction has been unanimously approved by both the Bristol Myers Squibb and RayzeBio boards of directors. Through the merger, BMS will gain access to RayzeBio’s differentiated actinium-based radiopharmaceutical platform and a pipeline of drug development programmes.
“Despite therapeutic advances in recent years, the need for more effective treatments in solid tumours persists, and radiopharmaceutical therapeutics are positioned to be an important next wave of innovation in oncology therapy,” said Ken Song, president and chief executive of RayzeBio.
“This transaction enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond,” said Christopher Boerner, chief executive of Bristol Myers Squibb. “Radiopharmaceutical therapeutics are already transforming cancer care, and RayzeBio is at the forefront of pioneering the application of this novel modality.” Mr Boerner concluded: “We look forward to supporting and accelerating RayzeBio’s preclinical and clinical programmes and advancing its highly innovative radiopharmaceutical platform.”
US multinational pharmaceutical company Bristol Myers Squibb is to acquire radiological drug developer RayzeBio, Inc. for approximately $4.1bn. Bristol Myers Squibb will acquire RayzeBio for $62.50 per share in cash, representing a premium of 104 percent to the stock’s last close. The transaction has been unanimously approved by both the Bristol Myers Squibb and RayzeBio boards of directors. Through the merger, BMS will gain access to RayzeBio’s differentiated actinium-based radiopharmaceutical platform and a pipeline of drug development programmes.
“Despite therapeutic advances in recent years, the need for more effective treatments in solid tumours persists, and radiopharmaceutical therapeutics are positioned to be an important next wave of innovation in oncology therapy,” said Ken Song, president and chief executive of RayzeBio.
“This transaction enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond,” said Christopher Boerner, chief executive of Bristol Myers Squibb. “Radiopharmaceutical therapeutics are already transforming cancer care, and RayzeBio is at the forefront of pioneering the application of this novel modality.” Mr Boerner concluded: “We look forward to supporting and accelerating RayzeBio’s preclinical and clinical programmes and advancing its highly innovative radiopharmaceutical platform.”
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