Bristol Myers Squibb to Buy RayzeBio for $4.1 Billion

By Colin Kellaher

Bristol Myers Squibb has struck a $4.1 billion deal to buy radiopharmaceutical therapeutics company RayzeBio.

Bristol Myers on Tuesday said it will pay $62.50 a share in cash for RayzeBio, more than double Friday's closing price of $30.57 for the San Diego company.

The RayzeBio transaction comes on the heels of Bristol's deal last week to buy neuroscience-drug developer Karuna Therapeutics for $14 billion.

Bristol Myers said the deal, worth about $3.6 billion net of cash acquired, is slated to close in the first half of 2024.

Bristol Myers said the RayzeBio deal adds a differentiated actinium-based radiopharmaceutical platform and a pipeline of multiple drug-development programs to its oncology franchise.

RayzeBio's lead program, RYZ101, is in Phase 3 development for the treatment of gastroenteropancreatic neuroendocrine tumors and in early development for small cell lung cancer and potentially other tumor types. Bristol said.

Trading in RayzeBio shares was halted premarket Tuesday.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

December 26, 2023 07:31 ET (12:31 GMT)

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