Bristol Myers Squibb To Acquire Turning Point Therapeutics - Quick Facts

(RTTNews) - Bristol Myers Squibb (BMY) and Turning Point Therapeutics, Inc. (TPTX) announced a merger deal, under which Bristol Myers Squibb will acquire Turning Point, a clinical-stage precision oncology company. Its lead drug candidate, repotrectinib, is a next-generation kinase inhibitor targeting the ROS1 and TRK oncogenic drivers of non-small cell lung cancer and advanced solid tumors.

Bristol Myers Squibb will commence a tender offer to acquire all of the outstanding shares of Turning Point common stock at a price of $76.00 per share in an all-cash deal for a total consideration of $4.1 billion in equity value. Following the successful closing of the tender offer, Bristol Myers Squibb will acquire all remaining shares of Turning Point Therapeutics that are not tendered into the tender offer through a second-step merger at the same price.

Bristol Myers Squibb said the transaction supports its medium- to long-term growth strategy with accretion to non-GAAP earnings per share beginning in 2025. The company expects the transaction to be up to $0.08 per share dilutive to non-GAAP EPS in 2022 prior to any impact from an acquired in-process research and development charge based on final accounting treatment.