Bristol Myers Squibb Makes Another M&A Move, Striking $4B Deal for RayzeBio

Bristol Myers Squibb has announced a $4.1 billion deal to acquire clinical-stage RayzeBio, a company focused on developing radiopharmaceuticals for cancer treatment. RayzeBio’s lead program RYZ101 is in Phase 3 testing for gastroenteropancreatic neuroendocrine tumors and also in Phase 1b testing for small cell lung cancer. The acquisition is part of a trend of big pharma companies investing in radiopharmaceuticals, signaling a shift from beta-emitting isotopes to alpha-emitting isotopes. BMS has been on a streak of business development, committing to about $24 billion in acquisition and licensing deals in the past year. The RayzeBio acquisition is expected to close in the first half of 2024.

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