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The Acquisition of Turning Point Therapeutics By BMY- Bristol- Myers.

BMY – Bristol-Myers Squibb in a transaction that values Turning Point Therapeutics (NASDAQ:TPTX). Report at roughly $4.1 billion, Bristol-Myers Squibb announced Friday it would acquire the San Diego-based cancer experts.

To acquire Turning Point Therapeutics, Bristol-Myers will pay $76 per share in cash, representing a 122 percent premium over the company’s Nasdaq closing price on Thursday. The acquisition was approved by the company’s board of directors with a unanimous vote. Non-GAAP profits for Bristol Myers will be reduced by 8 cents per share but will begin to improve in 2025.

Adding “a best-in-class, late-stage precision oncology asset” to Bristol Myers CEO Giovanni Caforio’s “leading oncology brand” marks a “significant step forward,” Caforio said. To significantly boost our growth profile, we’re continuing our successful track record of strategic company expansion by completing this purchase.”

In pre-market trading, Turning Point Therapeutics shares surged 116.2 percent to imply an opening bell price of $73.85 a share. Shares of Bristol Myers, meanwhile, fell 0.7 percent to $74.56 a share.

In 2019, Celgene Corp.’s $74 billion purchase of cancer specialists Celgene bolstered Bristol Myers Squibb’s oncology portfolio.

A 12 percent increase in Opdivo sales, which are used to treat patients with early-stage lung cancer, helped the company generate first-quarter revenues of roughly $11.6 billion.

It is Turning Point Therapeutics’ goal to understand how healthy cells become malignant so that they may be used to treat cancer patients.

The post The Acquisition of Turning Point Therapeutics By BMY- Bristol- Myers. appeared first on Best Stocks.

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