BMS to Acquire Turning Point for ~$4.1B
Shots:
- BMS commences a tender offer to acquire all outstanding shares of Turning Point’s common stock at $76.00/share in an all-cash transaction making a total deal value of $4.1B. It represents a 122.5% premium to its last closing price & the transaction is expected to close in Q3’22
- The transaction is expected to be ~$0.08/share dilutive to non-GAAP EPS in 2022. The acquisition enables BMS to broaden its oncology franchise by adding precision oncology asset
- Turning Point’s repotrectinib has received 3 BTD from the US FDA & is expected to be approved in the US in H2’23. In the P-I/II (TRIDENT-1) trial, longer DoR has been observed in the landmark analysis with repotrectinib over existing ROS1 agents in 1L NSCLC
Ref: Businesswire | Image: BMS
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