Bristol Myers Squibb To Acquire RayzeBio For Approx USD 4.1 Billion | India Pharma Outlook

Bristol Myers Squibb To Acquire RayzeBio For Approx USD 4.1 Billion

India Pharma Outlook Team | Thursday, 28 December 2023

 India Pharma Outlook Team

Bristol Myers Squibb and RayzeBio, Inc. announced a formal merger agreement in which Bristol Myers Squibb will pay $62.50 per share in cash for RayzeBio, for a total equity value of approximately $4.1 billion, or $3.6 billion net of projected cash received. Both the Bristol Myers Squibb and RayzeBio boards of directors unanimously authorized the deal.

RayzeBio is a clinical-stage radiopharmaceutical therapeutics (RPT) company with an innovation-leading position in actinium-based RPTs and a pipeline of potentially first-in-class and best-in-class drug development programmes. Current pipeline programmes are targeting the treatment of solid tumours, including gastroenteropancreatic neuroendocrine tumours (GEP-NETs), small cell lung cancer, hepatocellular carcinoma and other cancers. There remains a high, unmet need for more effective treatments in solid tumours, and RPTs enable a precision approach to patient treatment as per pharma biz

“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,” said Christopher Boerner, Ph.D., chief executive officer of Bristol Myers Squibb. “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 programmes and advancing its highly innovative radiopharmaceutical platform.”

“Acquiring RayzeBio’s differentiated actinium-based radiopharmaceutical platform will establish Bristol Myers Squibb’s presence in one of the most promising and fastest-growing new modalities for the treatment of patients with solid tumours – delivering radioactive payloads to cancer cells in a targeted manner,” said Samit Hirawat, M.D., executive vice president, chief medical officer, drug development of Bristol Myers Squibb. “In addition, RayzeBio’s platform has the potential to be a significant IND engine, generating several therapeutic candidates in the future by leveraging our global drug development capabilities and infrastructure.”

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