Bristol Myers Shells Out $4.1B for Turning Point’s Targeted Cancer Drugs

Turning Point Therapeutics is being purchased by biopharmaceutical heavyweight Bristol Myers Squibb, and the $4.1 billion deal will give the latter access to the experimental cancer drug Repotrectinib. Based on the deal’s hefty price tag, BMS sees Turning Point as being worth around $76 per share. While that figure is four times higher than the company’s $18 IPO price three years ago, it represents a steep drop off from a market value peak that saw it reach $133 a share in February 2021.

Repotrectinib is designed to combat mutations in solid tumors, particularly for lung cancer. The drug has passed through Phase 2 testing in lung cancer patients with tumors providing refuge for a mutation known as ROS1. A small study of the drug in non-small cell lung cancer patients led to 79% of participants having their tumors reduced in size or altogether eliminated. FDA approval for Repotrectinib is expected in mid to late 2023.

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The competition in this class of drugs has been heating up of late, and a substantial amount of capital is being sunk into various ventures from major biopharma players. Roche’s Rozlytrek was derived from a $1.7 billion deal for Ignyta, and Vitrakvi from Bayer was licensed for $400 million—including total payments of up to $1.6 billion—from Loxo Oncology, which was recently absorbed by Eli Lilly.