Bristol Myers Squibb said Friday that it is acquiring Turning Point Therapeutics, a biotech that is developing medicines that fight cancer by targeting specific mutations, for $4.1 billion, or $76 per share.
Turning Point’s lead drug, repotrectinib, is being tested to treat non-small cell lung cancer tumors that contain a genetic alteration known as Ros1. Other treatments, such as Pfizer’s Xalkori and Roche’s Rozlytrek, are approved to treat these cancers, but Bristol said that data seem to indicate that repotrectinib will work longer and potentially have other advantages.
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