Bristol Myers Squibb in $4.1bn deal to acquire Turning Point Therapeutics

Bristol Myers Squibb (BMS) has announced it will acquire Turning Point Therapeutics (Turning Point) in a $4.1bn merger. The boards of directors for both companies unanimously approved the deal, which is expected to be completed in the third quarter of 2022.

Turning Point is a clinical stage precision oncology company with a pipeline of investigational medicines created to target the most common mutations linked to oncogenesis.

BMS is focused on exploring the potential of Turning Point Therapeutics’ pipeline of novel compounds.

Giovanni Caforio, Board Chair and CEO at BMS, said: “The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset.”

Repotrectinib, Turning Point’s lead asset, is a next-generation tyrosine kinase inhibitor (TKI) that can target the cancer-causing drivers (ROS1 and NTRK) of non-small cell lung cancer (NSCLC) as well as other more advanced solid tumours.

Samit Hirawat, chief medical officer of global drug development at BMS, said: “With repotrectinib, we have the opportunity to change the standard of care and address a significant unmet medical need for ROS1-positive non-small cell lung cancer patients.”

Athena Countouriotis, president and CEO of Turning Point Therapeutics, said: “With Bristol Myers Squibb’s leadership in oncology, strong commercial capabilities and manufacturing footprint … we will be able to harness the full potential of our precision oncology platform to advance the standard of care for cancer patients.”

Repotrectinib has been issued three Breakthrough Therapy Designations from the US Food and Drug Administration (FDA). BMS anticipates that repotrectinib will be approved in the US in the second half of 2023 and go on to become a new standard of care for patients diagnosed with ROS1-positive NSCLC in the first-line setting.