TPTX - Turning Point climbs 116% on buyout deal with Bristol Myers 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 added ~116% in reaction while Bristol Myers (BMY) is trading flat in the morning hours. 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. Turning Point (TPTX) is advancing its lead asset repotrectinib against non-small cell lung cancer (NSCLC) and other advanced solid tumors. Bristol Myers (BMY) expects the tyrosine kinase inhibitor to receive U.S. regulatory clearance in 2H 2023. “With this transaction, we

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Turning Point climbs 116% on buyout deal with Bristol Myers for over $4B in cash