Bristol Myers Squibb
will acquire radiopharmaceutical therapeutics company
RayzeBio
for $62.50 a share in cash.
The acquisition price is more than a 100% premium over RayZeBio stock’s closing price of $30.57 on Friday. In a press release on Tuesday, the companies said the total equity value of the deal is about $4.1 billion.
“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,”
Bristol Myers
Chief Executive Christopher Boerner said in a press release.
The acquisition is expected to close in the first half of 2024.
RayZeBio stock was soaring101% Tuesday to $61.37 and was on pace for an all-time high and its largest percentage increase on record, according to Dow Jones Market Data. Bristol Myers stock was down 2.1% to $51.21.
Bristol Myers announced last week that it had agreed to buy drug developer
Karuna Therapeutics
for $330 a share in cash, or $14 billion. Karuna has experimental schizophrenia drug called KarXT up for U.S. government approval.
The news from Bristol Myers was the second biotech acquisition announced Tuesday.
AstraZeneca
said earlier that it agreed to buy
Gracell Biotechnologies
in a $1.2 billion deal.
Write to Joe Woelfel at [email protected]
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