BMS paying $4.1 billion for lung drug company

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.