BMY - Here is Why Turning Point Therapeutics Jumped 110%
Turning Point Therapeutics Inc ( NASDAQ: TPTX ) jumped 110% after announcing a definitive merger agreement with Bristol Myers Squibb Co ( NYSE: BMY ) . Under the agreement, Bristol Myers Squibb will acquire Turning Point at $76 per share. The Board of Directors of both Turning Point and Bristol Myers Squibb unanimously approved the agreement, which is expected to close in Q3 2022.
Bristol Myers to expand its oncology franchise with the acquisition of Turning Point
Bristol Myers CEO Giovanni Caforio said:
The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset. In addition, we are continuing our strong track record of strategic business development with this transaction to further enhance our growth profile.
Turning Point is a precision oncology firm developing a portfolio of experimental medications aimed at targeting the most prevalent mutations linked to oncogenesis. Repotrectinib, the company’s main asset, is a next-gen tyrosine kinase inhibitor (TKI) that targets the ROS1 and NTRK oncogenic pathways of non-small cell lung cancer (NSCLC) as well as other late solid tumors.
The US FDA has awarded Repotrectinib three Breakthrough Therapy Designations. In the definitive assessment of the Phase 1/2 TRIDENT-1 clinical study, repotrectinib was found to have a longer time of responsiveness than current ROS1 medicines in first-line NSCLC.
Bristol Myers’s Chief Medical Officer Global Drug Development Samit Hirawat stated:
Today’s news builds upon our long legacy of pioneering next-generation medicines for patients with cancer. With repotrectinib, we have the opportunity to change the standard of care and address a significant unmet medical need for ROS1-positive non-small cell lung cancer patients.
Merger to help Turning Point Therapeutics develop oncology drugs
Through the transaction, Turning Point will be able to realize the full potential of its precision oncology platform to develop the standard of care treatment for cancer patients. Since its establishment, Turning Point has exploited just deep scientific knowledge to advance a pipeline of precision oncology drugs.
Turning Point CEO and President Athena Countouriotis concluded:
With Bristol Myers Squibb’s leadership in oncology, strong commercial capabilities, and manufacturing footprint, we will be able to further accelerate the pace at which we can bring our novel medicines to benefit people diagnosed with cancer around the world.
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