Key TakeawaysBristol Myers Squibb Co. announced it was buying RayzeBio Inc. for $4.1 billion, its second multibillion-dollar deal in less than a week.The agreement offers RayzeBio shareholders a 104% premium to their stock's closing price Friday, and shares of RayzeBio doubled in price after the news in Tuesday trading.Both recent company purchases expand Bristol-Myers Squibb's cancer-fighting portfolio.RayzeBio Inc. (RYZB) shares skyrocketed Tuesday after Bristol Myers Squibb Co. (BMY) said it was buying t ...

Transaction Brings RayzeBio's Differentiated Actinium-Based Radiopharmaceutical Platform, Including Rich Pipeline of Multiple Drug Development Programs to Bristol Myers Squibb's Leading Oncology Franchise Lead Program, RYZ101, in Phase 3 Development for Treatment of Gastroenteropancreatic Neuroendocrine Tumors and Early-stage Development for Treatment of Small Cell Lung Cancer and Potentially Other Tumor Types Gains Robust IND Engine and State of the Art Radiopharmaceutical Manufacturing Capabilities PRIN ...

PRINCETON, N.J. & SAN DIEGO--(BUSINESS WIRE)--Bristol Myers Squibb (NYSE: BMY) and RayzeBio, Inc. (NASDAQ: RYZB) today announced a definitive merger agreement under which Bristol Myers Squibb will acquire RayzeBio for $62.50 per share in cash, for a total equity value of approximately $4.1 billion, or $3.6 billion net of estimated cash acquired. The transaction was unanimously approved by both the Bristol Myers Squibb and RayzeBio Boards of Directors. RayzeBio is a clinical-stage radiopharmaceutical ther ...

Key TakeawaysU.S. equities continued their pre-Christmas rally in the last week of 2023, with the Dow, S&P 500, and Nasdaq all up.Intel received a $3.2 billion incentive deal from the Israeli government, and shares of the chipmaker rose.Bristol-Myers Squibb will pay $4.1 billion to buy RayzeBio as the drug maker moves to expand its cancer portfolio.Christmas may be over, but the so-called “Santa Claus rally” continued for U.S. equities at midday in the shortened final trading week of 2023. The Dow, S&P 500, ...

About this content About Andrew Kessel Andrew is a financial journalist with experience covering public companies in a wide breadth of industries, including tech, medicine, cryptocurrency, mining and retail. In addition to Proactive, he has been published in a Financial Times-owned newsletter covering broker-dealer firms and in the Columbia Misourian newspaper as the lead reporter focused on higher education. He got his start with an internship at Rolling Stone magazine.  Read more About the publisher Pr ...

Bristol Myers Squibb said on Tuesday it would buy RayzeBio for about $4.1 billion to bolster its cancer drug business, marking the second large deal struck by the drugmaker in less than a week. With the deal, Bristol will gain access to RayzeBio's late-stage targeted cancer therapy, RYZ101, which works by combining radioactive particles that kill cells with molecules that attach themselves to the tumors.The U.S. drugmaker is turning to deals at a time when two of its top drugs, blood cancer treatment Revlim ...

Bristol Myers to Acquire RayzeBio in Deal Valued at $4.1 Billion ...

Bristol Myers Squibb Co. BMY, +2.01% announced Tuesday an agreement to buy radiopharmaceutical therapeutics company RayzeBio Inc. RYZB, +9.37% in a deal valued at $4.1 billion. Under terms of the deal, Bristol Myers will pay $62.50 in cash for each RayzeBio share outstanding, which represents a premium of 104.4% over Friday’s closing price of $30.57. RayzeBio’s stock was halted for new until 7:30 a.m. Eastern and Bristol Myers’ stock tacked on 0.2% in premarket trading. “This transaction enhances our incre ...

6 Reasons to Avoid Johnson & Johnson (JNJ) At All Costs Michael Ciaglo / Getty Images News via Getty Images The Johnson brothers started Johnson & Johnson in 1886Source: JHVEPhoto / iStock Editorial via Getty ImagesThe iconic healthcare giant was started by Robert, James, and Edward Johnson in 1886 after they created a line of ready-to-use sterile surgical dressings. The company’s first factory was in New Brunswick, New Jersey.The company surged during World War 1Source: FPG / Archive Photos via Getty Ima ...

Karuna Therapeutics Inc (NASDAQ: KRTX) ended nearly 50% up on Friday after Bristol-Myers Squibb Co (NYSE: BMY) said it will buy the biopharmaceutical firm for $14 billion.Analyst shares his view on biotech stocksCopy link to sectionThe all-cash transaction values each share of Karuna Therapeutics at $330 and helps Bristol-Myers expand its footprint in neurological and psychiatric conditions. KarXT – the lead asset of Karuna Therapeutics is being studied as a possible treatment for schizophrenia, Alzheimer’s ...