TPTX - Bristol Myers to acquire Turning Point Therapeutics for over $4B in cash

Bristol Myers Squibb (NYSE:BMY) has entered into an agreement to acquire the clinical-stage precision oncology company Turning Point Therapeutics (TPTX) at a price of $76.00 per share in cash for a total consideration of $4.1B, the companies announced Friday. Turning Point (TPTX) shares have more than doubled in value while Bristol Myers (BMY) is trading flat in the pre-market so far. The acquisition is expected to be accretive to Bristol Myers’ (BMY) non-GAAP earnings per share (EPS) from 2025 and up to $0.08 per share dilutive to non-GAAP EPS in 2022 before certain adjustments. Bristol Myers (BMY) plans to use cash to fund the deal which is expected to close in 3Q 2022. This is a developing story. Check back for more updates.

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Bristol Myers to acquire Turning Point Therapeutics for over $4B in cash