BMS bolsters oncology portfolio with $4.1bn RayzeBio buy
Bristol Myers Squibb (BMS) is set to acquire RayzeBio for $4.1 billion, which it says will expand its oncology pipeline.
Through this deal BMS will acquire RayzeBio, a radiopharmaceutical therapeutics (RPT) firm and its lead asset RYZ101, which is a RPT comprised of dotate bound to Actinium-225 (Ac225), a highly potent alpha-emitting radioisotope to target gastroenteropancreatic neuroendocrine tumors (GEP-NETS). It is currently in Phase III clinical trials.
“This transaction enhances our […] oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond,” said Christopher Boerner, CEO of Bristol Myers Squibb.
“Radiopharmaceutical therapeutics are already transforming cancer care, and RayzeBio is at the forefront of pioneering the application of this novel modality. We look forward to supporting and accelerating RayzeBio’s preclinical and clinical programs and advancing its highly innovative radiopharmaceutical platform.”
BMS has added RayzeBio’s peptide targeting glypican-3 (GPC3), RYZ801, for delivery of actinium-based radioactivity for the treatment of hepatocellular carcinoma (HCC). Moreover, through this deal BMS gains access to RayzeBio’s manufacturing facility in Indianapolis, Indiana, which is expected to open in the first half of 2024.
“Bristol Myers Squibb’s well-established presence in oncology and deep expertise in developing, commercializing and manufacturing treatments on a global scale makes it the ideal partner for RayzeBio at this important moment in our evolution. I am excited to see what our team achieves as part of Bristol Myers Squibb,” said Ken Song, CEO of RayzeBio.
The transaction was unanimously approved by the board of directors of the firms and is expected to close in the first half of 2024.
Various players in the field have been investing and bolstering capabilities in the radiopharmaceutical sector. In October 2023, Eli Lilly acquired Point BioPharma, a radiopharmaceutical company in a deal worth $1.4 billion.
Recently, Novartis said radiopharmaceuticals are a key strategic growth area for the Chinese government as it announced building a production site in Zhejiang province worth more than 600 million yuan (US$84.6 million).
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