Bristol Myers Squibb Buys RayzeBio, Second Billion-Dollar Offer in Days. - Lavenhill Securities

RayzeBio Inc. (RYZB) shares soared Tuesday after Bristol Myers Squibb Co. (BMY) announced a $4.1 billion acquisition of the radiopharmaceutical therapy business to extend its cancer treatment choices.
CENTRAL, Hong Kong - Jan. 11, 2024 - PRLog -- It was Bristol Myers Squibb's second multibillion-dollar purchase in less than a week.

In a news statement, Bristol Myers Squibb said that it will pay RayzeBio shareholders $62.50 for each share they owned. This is a 104% premium over RayzeBio's Friday closing price.

RayzeBio is working on methods to attack cancer cells using radioactive particles. RayzeBio's current pipeline, according to Bristol Myers Squibb, includes initiatives to treat solid malignancies such as gastroenteropancreatic neuroendocrine tumors, small cell lung cancer, and hepatocellular carcinoma.

According to Bristol Myers Squibb CEO Christopher Boerner, radiopharmaceutical treatments are already revolutionizing cancer care, and RayzeBio "enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline."

The business said that it intends to fund the transaction via debt issuance. The deal is likely to close in the first half of next year.

Bristol Myers Squibb announced a $14 billion acquisition of Karuna Therapeutics Inc. on Friday to expand its neuroscience portfolio.

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