In $4 billion deal, Bristol Myers Squibb to buy cancer therapeutics firm RayzeBio
Dec. 26 (UPI) -- Biopharmaceutical company Bristol Myers Squibb announced Tuesday that it will acquire RayzeBio.
The acquisition of the radiopharmaceutical therapeutics company has been agreed to for $62.50 per share, according to a press release from Bristol Myers Squibb. The total equity value of the deal is an estimated $4.1 billion.
RayzeBio has four drugs in its clinical trial pipeline, including RYZ101, which is in stage three of trials. The drug is used to treat patients with gastroenteropancreatic neuroendocrine tumors.
"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," Christopher Boerner, chief executive officer, said in a statement.
"Radiopharmaceutical therapeutics are already transforming cancer care, and RayzeBio is at the forefront of pioneering the application of this novel modality. We look forward to supporting and accelerating RayzeBio's preclinical and clinical programs and advancing its highly innovative radiopharmaceutical platform."
RayzeBio's programs target solid tumors, including metastatic cancers, cancers that have spread to other parts of the body. Other programs focus on hepatocellular carcinoma and renal cell cancer.
Radiopharmaceutical therapeutics work by injecting the treatment into a patient's bloodstream. The radiopharmaceutical then travels to the part of the body where the disease is located and delivers radiation directly.
"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," Ken Song, president of RayzeBio, said in a statement.
