Dec 26, 2023 - Business

Bristol Myers to buy RayzeBio for $4.1B

Illustration of hundred dollar bills and coins arranged in the shape of a cancer ribbon.

Illustration: Aïda Amer/Axios

Bristol Myers Squibb has agreed to buy cancer therapy company RayzeBio for an equity value of about $4.1 billion.

Why it matters: The deal is Bristol's second transaction in a week, as the company steps up its research pipeline.

Details: The company will acquire RayzeBio for $62.50 a share in cash.

What they’re saying: "This transaction enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond," CEO Christopher Boerner said in a statement.

How it works: RayzeBio’s current pipeline includes treatments for solid tumors, small cell lung cancer, and hepatocellular carcinoma.

Catch up quick: Last Friday, Bristol Myers inked a deal to acquire schizophrenia drugmaker Karuna Therapeutics for $14 billion.

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