Turning Point Therapeutics to Sell to Bristol Myers Squibb for $4.1 Billion
San Diego – June 3, 2022 – Cooley is advising Turning Point Therapeutics, a leading precision oncology company, on its definitive agreement to be acquired by global biopharmaceutical company Bristol Myers Squibb. Lawyers Barbara Borden, Rowook Park, Charles Bair, Lindsey O’Crump, Vivian Tsai and Melissa Meza are leading the Cooley team advising Turning Point Therapeutics.
Under the agreement, Bristol Myers Squibb will commence a tender offer to acquire all the outstanding shares of Turning Point Therapeutics’ common stock at a price of $76.00 per share in an all-cash transaction, for a total consideration of $4.1 billion in equity value. The transaction is expected to close during the third quarter of 2022.
“Through this transaction, we will be able to harness the full potential of our precision oncology platform to advance the standard of care for cancer patients,” Athena Countouriotis, MD, president and CEO of Turning Point Therapeutics, said in a press release. “With Bristol Myers Squibb’s leadership in oncology, strong commercial capabilities and manufacturing footprint, we will be able to further accelerate the pace at which we can bring our novel medicines to benefit people diagnosed with cancer around the world.”
Turning Point Therapeutics is a clinical-stage precision oncology company with a pipeline of investigational drugs designed to address key limitations of existing cancer therapies. The company’s 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. Turning Point Therapeutics’ pipeline of precision oncology drug candidates is being studied with a variety of solid tumors. The company is driven to develop therapies that mark a turning point for patients in their cancer treatment.
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