Bristol Myers Squibb to Acquire HBM Portfolio Company Turning Point Therapeutics for USD 4.1 billion in cash

HBM Healthcare Investments today announces that its portfolio company Turning Point Therapeutics (NASDAQ: TPTX) will be acquired by Bristol Myers Squibb (NYSE: BMY) in an all-cash transaction that values the company at USD 4.1 billion. The acquisition price of USD 76.-- per share represents a premium of approximately 122 percent to the closing share price on 2 June 2022. The transaction is expected to close during the third quarter 2022. 

HBM Healthcare Investments is a shareholder of Turning Point Therapeutics since 2018, when the company was still privately held. As of today, HBM Healthcare Investments holds around 0.871 million shares in Turning Point Therapeutis with a total value of USD 66 million based on the acquisition price. The takeover of Turning Point Therapeutics follows the successful M&A transactions of Biohaven Pharmaceuticals (acquired by Pfizer in May), Sierra Oncology (acquired by GSK in April) and Zogenix (acquired by UCB in January) from the portfolio of HBM Healthcare Investments this year. 

Turning Point Therapeutics is a clinical-stage precision oncology company with a pipeline of investigational drugs designed to address key limitations of existing cancer therapies. The company’s lead drug candidate, repotrectinib, is a next-generation kinase inhibitor targeting the ROS1 and TRK oncogenic drivers of non-small cell lung cancer and advanced solid tumors.

Contact
For further information, please contact Dr Andreas Wicki on +41 41 710 75 77, or at andreas.wicki@hbmhealthcare.com.