(Turning Point) Shares of Turning Point Therapeutics rose more than 116% on Friday after agreeing to be acquired by Bristol Myers Squibb at $76.00 per share.
The all-cash deal values Turning Point at $4.1 billion and has been approved by the boards of the two companies. The deal closes in the third quarter of the year.
The transaction is expected to support Bristol Myers’s medium-to-long-term growth, with accretion to the non-GAAP earnings per share at the start of 2025. The transaction is projected to be up to $0.08 per share, dilutive to non-GAAP EPS in 2022.
Bristol Myers CEO Giovanni Caforio said that the acquisition of Turning Point broadens the company’s leading oncology franchise through the addition of world-class and late-stage precision oncology assets.
Athena Countouriotis, CEO of Turning Point, says the transaction helps it harness the full potential of its precision oncology platform for advancing standard care for cancer patients.
TPTX: NASDAQ is up +116.19%, BMY:NYSE is down -0.11%
