ARTICLE | Deals
With standard-of-care aim for precision therapy, BMS pays high premium for Turning Point
In $4.1B deal, pharma pays more than double the biotech’s market valuation to gain targeted lung cancer therapy repotrectinib
June 3, 2022 9:42 PM UTC
The $4.1 billion takeout price in BMS’s high-premium acquisition of Turning Point suggests the pharma believes precision oncology therapy repotrectinib will become a standard-of-care treatment that will outsell other drugs in its class, including the centerpiece of another 10-figure deal that has underperformed commercial expectations thus far.
The deal is also a sign that biotech M&A activity is picking up, following a slowdown that lasted several months. It’s the third buyout in the billion-plus-dollar range since mid-April; there had been only one other in the sector this year, according to BioCentury’s BCIQ database...