Bristol Myers Squibb will pay $4.1 billion for RayzeBio, the companies said Tuesday, buying into the fast-growing field of using targeted doses of radiation to treat cancer.
RayzeBio, which raised about $350 million in a September initial public offering, is working in radiopharmaceuticals, which pair the tumor-killing power of radiation with the precision of targeted cancer therapies. The company is currently running a pivotal trial of its most advanced drug, RYZ101, in neuroendocrine cancer and has a pipeline of treatments for kidney, liver, and other cancers.
advertisement
Bristol Myers will pay $62.50 in cash per share of RayzeBio, a roughly 115% premium to the company’s recent trading and more than triple the company’s IPO price.
Get unlimited access to award-winning journalism and exclusive events.
Subscribe Log In
Previous article：
CDC recommends RSV monoclonal antibody for infants
Next article： As demand for Covid shots wanes, Moderna seeks its next success
Next article： As demand for Covid shots wanes, Moderna seeks its next success
