Bristol-Myers Squibb to buy RayzeBio for $4.1 billion
Pharmaceutical giant Bristol-Myers Squibb (NYSE:BMY) announced Tuesday that it is acquiring RayzeBio (RYZB) for $4.1 billion, strengthening its oncology portfolio with promising radiopharmaceutical therapeutics (RPTs).
The deal, valued at $62.50 per RayzeBio share, was unanimously approved by both boards and is expected to close in the first half of 2024.
RayzeBio specializes in actinium-based RPTs, a targeted cancer treatment approach. Their lead program, RYZ101, is already in a Phase 3 clinical trial. Other assets in the pipeline focus on renal cell cancer.
Bristol Myers Squibb sees the acquisition as a key driver of future growth, particularly in the «back half of the decade and beyond.» CEO Christopher Boerner highlighted RPTs as «transforming cancer care» and RayzeBio as a pioneer in the field.
RayzeBio CEO Ken Song sees the partnership as ideal, praising Bristol Myers Squibb's established presence and expertise.
Following the announcement, RYZB shares are up 97% premarket, while BMY has climbed 0.4%.
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