Global pharmaceutical company Bristol Myers Squibb is teed up to acquire Turning Point Therapeutics for $76 per share by the end of the third quarter.
Both companies' boards of directors approved the $4.1 billion transaction.
Turning Point Therapeutics's prize is repotrectinib, a drug targeting non-small cell lung cancer currently in its phase 1/2 clinical trials. Bristol Myers Squibb expects repotrectinib's market debut in 2023.
"Today's news builds upon our long legacy of pioneering next-generation medicines for patients with cancer," Bristol Myers Squibb's Chief Medical Officer Samit Hirawat, MD, said in a June 3 company news release. "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."
The FDA granted Turning Point Therapeutics three breakthrough therapy designations for repotrectinib May 10.