Bristol Myers Acquires RayzeBio

Just days after acquiring Karuna Therapeutics, Bristol Myers announced another multi-billion dollar acquisition. The Princeton-based drugmaker announced a definitive merger agreement under which it will acquire San Diego-based RayzeBio for $62.50 per share in cash, for a total equity value of approximately $4.1 billion.

RayzeBio is a clinical-stage radiopharmaceutical therapy (RPT) company with an innovative leadership position in actinium-based RPT and a pipeline of potential first-in-class drug development programs. Current pipeline programs focus on the treatment of solid tumors, including gastroenteropancreatic neuroendocrine tumors (GEP-NET), small cell lung cancer, hepatocellular carcinoma and other cancers. The need for more effective treatments for solid tumors remains high and unmet, and RPT could provide patients with precise treatments. RPT binds to tumor cells and delivers targeted radiation to induce cancer cell death. Actinium-based RPTs have potential advantages over currently available RPTs, as the high potency and short range of the alpha emitters create the possibility of greater efficacy and more targeted delivery.

Bristol Myers CEO Christopher Boerner said: "This transaction enhances our increasingly diverse oncology portfolio by bringing differentiated platforms and product lines. Radiopharmaceutical therapies are already transforming cancer treatment, and RayzeBio is in pioneering applications. at the forefront of this new paradigm. We look forward to supporting and accelerating RayzeBio's preclinical and clinical programs and advancing its highly innovative radiopharmaceutical platform."

"The acquisition of RayzeBio's differentiated actinium-based radiopharmaceutical platform will establish Bristol Myers' position in one of the most promising and fastest-growing new modalities for treating patients with solid tumors, delivering delivery to cancer cells in a targeted manner. Additionally, RayzeBio's platform has the potential to become a significant IND engine, generating multiple therapeutic candidates in the future by leveraging our global drug development capabilities and infrastructure." said Samit Hirawat, Chief Medical Officer, Drug Development of Bristol Myers Squibb.