Bristol Myers Squibb has completed the previously announced acquisition of Turning Point Therapeutics, for a total consideration of $4.1bn in cash.
The latest move follows a definitive merger agreement signed by the companies for the transaction in June.
As announced previously, Bristol Myers Squibb purchased all outstanding shares of common stock of Turning Point for $76 per share.
Through the deal, the company will gain access to Turning Point’s pipeline of investigational medicines that target the most common mutations related to oncogenesis, including Turning Point’s lead asset repotrectinib.
The next-generation, potential best-in-class tyrosine kinase inhibitor (TKI), repotrectinib targets the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer (NSCLC) as well as other advanced solid tumours.
The asset received three Breakthrough Therapy Designations from the US Food and Drug Administration (FDA).
In the Phase I/II TRIDENT-1 clinical trial, subjects treated with repotrectinib showed a longer duration of response in the analysis compared to existing ROS1 agents in first-line NSCLC.
Bristol Myers Squibb expects to obtain the US regulatory approval for repotrectinib in the second half of 2023 and make it a new standard of care for patients with ROS1-positive NSCLC.
Bristol Myers Squibb Strategy & Business Development executive vice-president Elizabeth Mily said: “Turning Point has distinguished itself in the field of precision oncology, and this acquisition will further strengthen our leading oncology franchise.
“With Turning Point’s lead asset, repotrectinib, Bristol Myers Squibb will be positioned to address a significant unmet medical need for ROS1-positive non-small cell lung cancer patients.
“We look forward to bringing this promising, innovative medicine to patients in the second half of 2023.”
Furthermore, the company plans to explore the potential of other promising new compounds in Turning Point’s pipeline.