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Bristol Myers Squibb agreed to buy Turning Point Therapeutics, a San Diego-based precision oncology company whose lead candidate focuses on lung cancer, for $4.1 billion in cash.

Why it matters: This reflects the biotech industry's stock slump, as incumbents look to restock their portfolios with newer drugs. Turning Point shareholders will get a 122% premium to Thursday's closing price, but a discount to the stock's September 2021 peak.

BMS paying $4.1 billion for lung drug company

Deal comes as biotech stocks are slumping.

Illustration of a stethoscope in the shape of a pair of lungs

Biotechnology

Bristol Myers Squibb agreed to buy Turning Point Therapeutics, a San Diego-based precision oncology company whose lead candidate focuses on lung cancer, for $4.1 billion in cash.Why it matters: This reflects the biotech industry&#x27;s stock slump, as incumbents look to restock their portfolios with newer drugs. Turning Point shareholders will get a 122% premium to Thursday&#x27;s closing price, but a discount to the stock&#x27;s September 2021 peak.

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BMS paying $4.1 billion for lung drug company

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