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Bristol Myers Squibb Co. agreed to buy radiological drug developer RayzeBio Inc. for about $4.1 billion, the latest deal in a buying spree to bolster its pipeline. Bloomberg's Madison Mueller reports.
Jared Hopkins, Wall Street Journal, joins 'The Exchange' to discuss Bristol-Myers Squibb's plan to buy RayzeBio.
RayzeBio Inc. (RYZB) shares skyrocketed Tuesday after Bristol Myers Squibb Co. (BMY) said it was buying the radiopharmaceutical therapy company for $4.1 billion to expand its cancer treatment options. It was the second multibillion-dollar acquisition for Bristol Myers Squibb in less than a week.
Christmas may be over, but the so-called “Santa Claus rally” continued for U.S. equities at midday in the shortened final trading week of 2023. The Dow, S&P 500, and Nasdaq were all in positive territory.
Bristol-Myers Squibb Co (NYSE:BMY, ETR:RM, OTC:BMYMP) has made its second major acquisition in the span of a week, this time buying cancer drug developer RayzeBio in a $4.1 billion deal. The deal values RayzeBio at $62.50 per share.
Shares in RayzeBio (NASDAQ: RYZB ) doubled after Bristol Myers Squibb (NYSE: BMY ) said it will buy it for about $4.1 billion. Bristol Myers is paying $62.50 per share for the cancer drug maker, which is based in San Diego.
The U.S. drugmaker is turning to deals at a time when two of its top drugs, blood cancer treatment Revlimid and blood thinner Eliquis, face generic competition.
RayzeBio is a late-stage developer of radiotherapeutic products targeting solid tumors in oncology. Their lead asset, RYZ101, uses the 225Ac isotope to target gastroenteropancreatic neuroendocrine tumors (GEP-NETs) through the SSTR2 receptor. RYZ101 has shown promising results in a phase 1b study, with a confirmed overall response rate of 29% as of June 2023.
RayzeBio is being bought for $62.50 a share in cash.
Bristol Myers Squibb Co. BMY announced Tuesday an agreement to buy radiopharmaceutical therapeutics company RayzeBio Inc. RYZB in a deal valued at $4.1 billion. Under terms of the deal, Bristol Myers will pay $62.50 in cash for each RayzeBio share outstanding, which represents a premium of 104.4% over Friday's closing price of $30.57.