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Bristol Myers Squibb acquired RayzeBio for a staggering amount of $4.1 billion. The global biopharmaceutical company is investing to bolster its cancer therapy portfolio and business.
Terms of the Agreement
This Bristol Myers Squibb deal is the latest one that it has signed in less than a week. It has just announced its purchase of Karuna Therapeutics, a drug developer, on Friday, as per Reuters.
With the buyout deal, Bristol Myers will have access to RayzeBio's drug production facility located in Indianapolis, Indiana. It was agreed that the former would pay $62.50 in cash for every share of RayzeBio.
Looking Forward to Growth as Bristol Myers and RayzeBio Merge
Bristol Myers Squibb's acquisition of RayzeBio is a strategic move that aligns with the recent gush of mergers and acquisition agreements in the pharmaceutical industry. The companies' respective management teams believe this deal will fuel growth within the second half of this decade.
"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 Squibb's chief executive officer, Christopher Boerner, Ph.D., said in a press release. "We look forward to supporting and accelerating RayzeBio's preclinical and clinical programs and advancing its highly innovative radiopharmaceutical platform."
RayzeBio's president and CEO, Ken Song, M.D., further stated, "Despite therapeutic advances in recent years, the need for more effective treatments in solid tumors persists, and radiopharmaceutical therapeutics are positioned to be an important next wave of innovation in oncology therapy."
The biotech firm's chief added, "Bristol Myers Squibb's well-established presence in oncology and deep expertise in developing, commercializing, and manufacturing treatments on a global scale makes it the ideal partner for RayzeBio at this important moment in our evolution and I am very excited to see what our team clinches as part of Bristol Myers Squibb."
Photo by: Bristol Myers Squibb Media Gallery
