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June 3, 2022, 7:14 a.m. EDT

Turning Point Therapeutics stock more than doubles after Bristol Myers buyout deal valuing company at $3.8 billion

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By Tomi Kilgore

Shares of Turning Point Therapeutics Inc. /zigman2/quotes/211319679/composite TPTX -0.03% more than doubled, up 116.7%, in premarket trading Friday, after the clinical-stage oncology company agreed to be acquired by biopharmaceutical company Bristol Myers Squibb Co. /zigman2/quotes/202559280/composite BMY +1.57% in an all-cash deal valuing Turning Point at about $3.77 billion. Bristol Myers' stock was little changed ahead of the open. Under terms of the deal, Turning Point shareholders will receive $76.00 for each Turning Point share they own, representing a 122.5% premium to Thursday's closing price of $34.16. The deal, which is expected to close during the third quarter of 2022, is expected to add 8 cents to Bristol Myers' adjusted earnings per share in 2022. "The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset," said Bristol Myers Chief Executive Giovanni Caforio. Bristol Myers expects Turning Point's lead asset, repotrectinib, to be approved for treatment of non-small cell lung cancer (NSCLC) in the U.S. in the second half of 2023. Turning Point's stock has dropped 28.4% year to date through Thursday and Bristol Myers shares have soared 20.4%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.42% has declined 12.4%.

/zigman2/quotes/211319679/composite
US : U.S.: Nasdaq
$ 75.04
-0.02 -0.03%
Volume: 1.99M
Aug. 9, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.73 billion
Rev. per Employee
$123,316
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/zigman2/quotes/202559280/composite
US : U.S.: NYSE
$ 74.96
+1.16 +1.57%
Volume: 8.98M
Aug. 9, 2022 4:00p
P/E Ratio
24.90
Dividend Yield
2.88%
Market Cap
$157.58 billion
Rev. per Employee
$1.46M
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/zigman2/quotes/210599714/realtime
US : S&P US
4,122.47
-17.59 -0.42%
Volume: 2.22B
Aug. 9, 2022 5:13p
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