Bristol-Myers Squibb will acquire oncology firm Turning Point Therapeutics for 4.1 billion and gains its lead asset, repotrectinib aiming to treat lung cancer and solid tumors.
The merger agreement will see Bristol-Myers Squibb (BMS) pay $76.00 per share to acquire Turning Point Therapeutics (TPT) and the deal is expected to close during the third quarter of this year.
As part of the deal, BMS will take on TPTs lead asset, repotrectinib, a next generation tyrosine kinase inhibitor (TKI) targeting ROS1 and NTRK oncogenic drivers of non-small cell lung cancer (NSCLC) as well as additional advanced solid tumors.
Repotrectinib has already been granted three breakthrough therapy designations from the US Food and Drug Administration (FDA) and according to BMS, it anticipates repotrectinib to be approved in the US in the second half of 2023 with visions of it becoming a â€śnew standardâ€ť of care for individuals with ROS1-positive NSCLC in the first line setting.
Furthermore, the firm said it has plans to explore other oncology treatments in TPTs pipeline.
â€śThe acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset. With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile,â€ť said Giovanni Caforio, CEO at BMS.
TPTs CEO, Athena Countouriotis said BMSâ€™ â€śleadership in oncology, strong commercial capabilities and manufacturing footprint,â€ť will enable it to provide and reach patients diagnosed with cancer around the world.
It was not disclosed if BMS would gain TPTs workforce, including the number of staff.