Bristol Myers Squibb Co. said on Friday it will acquire drug developer Turning Point Therapeutics Inc. for $4.1 billion in cash to help bolster its arsenal of cancer drugs.
Turning Point’s lead drug, repotrectinib, targets mutations in certain proteins in the body that lead to unchecked cell growth.
Bristol Myers will pay $76 per Turning Point share, a 122.5 percent premium to its last closing price.
The deal comes at a time when a dearth of large acquisitions, clinical failures, and investor exits following a gradual easing of the pandemic have hammered biotech stocks.
Wall Street analysts said the deal could help lift sector sentiment….
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