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Home Bio/Med/Pharma

Turning Point Therapeutics (NASDAQ: TPTX) Enters into Agreement to be Acquired by Bristol Myers (NYSE: BMY) for $4.1 Billion

by admin
June 6, 2022
in Bio/Med/Pharma
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Bristol Myers NYSE BMY Turning Point NASDAQ TPTX Acquisition Spotlight Growth

Bristol Myers NYSE BMY Turning Point NASDAQ TPTX Acquisition Spotlight Growth

Turning Point Therapeutics, Inc. (NASDAQ: TPTX) is a clinical-stage precision oncology company, which is focused on the research and development of treatments for unmet cancer needs. Shares of the oncology company are skyrocketing 116% through early trading on Friday, June 3, 2022. Over the past three months, Turning Point Therapeutics has seen average daily volume of 664,090 shares. However, volume of 17.34 million shares or dollar volume of around $1.28 billion, has already exchanged hands through early trading.

Shares of Turning Point Therapeutics are surging after the company announced that it has entered into a definitive agreement to be acquired by Bristol Myers Squibb (NYSE: BMY). Under the terms of the deal, Bristol Myers has agreed to acquire all of Turning Point’s outstanding common stock at a price per share of $76.00 in cash. This gives the transaction a total equity value of $4.1 billion. If approved by shareholders and other customary closing conditions, the acquisition is estimated to close during the third quarter of 2022.

Among the drug candidates Bristol Myers will takeover is Turning Point’s lead asset, repotrectinib, a next-generation tyrosine kinase inhibitor (TKI) that targets the ROS1 and NTRK oncogenic divers of non-small cell lung cancer. Repotrectinib has already been granted Breakthrough Therapy Designation from the U.S. FDA. During its Phase ½ TRIDENT-1 clinical trial, repotrectinib demonstrated a longer response duration compared to existing treatments. Bristol Myers estimates the potential best-in-class treatment could be approved by the FDA during the second half of 2023.

“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, M.D., Board Chair and Chief Executive Officer, Bristol Myers Squibb. “With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile.”

Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/

Tags: acquisitionbiopharmaceuticalsbiotechBMYBMY stockBristol Myerscommon stockday tradingemerging growthinvestinginvesting newsinvestmentmedicalMergerNASDAQnewsNYSEpharmaceuticalspublic companyrepotrectinibsmall cap companiessmall cap stockssmall capsSpotlight GrowthSpotlight Growth Stocksstock marketstocksstocks to watchTPTXtradingtreatmentTurning Point Therapeuticswebull wallstreetbets
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