Bristol Myers Squibb (NYSE:BMY) has entered into an agreement to acquire the clinical-stage precision oncology biotech Turning Point Therapeutics (TPTX) at a price of $76.00 per share in cash for a total consideration of $4.1B, the companies announced Friday.
The acquisition is expected to be accretive to Bristol Myers’ (BMY) non-GAAP earnings per share (EPS) from 2025 and up to $0.08 per share dilutive to non-GAAP EPS in 2022 before certain adjustments.
Turning Point (TPTX) is advancing its lead asset repotrectinib against non-small cell lung cancer (NSCLC) and other advanced solid tumors. Bristol Myers (BMY) expects the tyrosine kinase inhibitor to receive U.S. regulatory clearance in 2H 2023.
“With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile,” Bristol Myers (BMY) Chief Executive Giovanni Caforio remarked.
“Through this transaction, we will be able to harness the full potential of our precision oncology platform to advance the standard of care for cancer patients,” noted Turning Point (TPTX) Chief Executive Athena Countouriotis.