Bristol Myers Squibb (BMS) has announced it has completed the acquisition of Turning Point Therapeutics, in a reported all-cash transaction. The company will become a wholly owned subsidiary of BMS.
BMS executive vice president of strategy and business development Elizabeth Mily said the purchase will enable the pharmaceutical company to expand its offerings in precision medicine for cancer.
“Turning Point has distinguished itself in the field of precision oncology, and this acquisition will further strengthen our leading oncology franchise,” Mily said. “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,” she added.
According to BMS, the purchase will bring into its fold a pipeline of investigational medicines which are intended to target common mutations associated with oncogenesis, including repotrectinib. Repotrectinib is a next-generation, potential best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer (NSCLC) and other advanced solid tumors.
The company reports that in Phase I/II TRIDENT-1 clinical trial, a longer duration of response was observed with repotrectinib than with existing ROS1 agents in first-line NSCLC. The asset has been granted three Breakthrough Therapy Designations from the US Food and Drug Administration (FDA).
Leaders at BMS reportedly anticipate US approval of repotrectinib in the second half of 2023. The firm also states it plans to continue exploring the potential of Turning Point’s pipeline of novel compounds.
BMS wrapped up the acquisition of Turning Point through the merger of its wholly owned subsidiary, Rhumba Merger Sub with and into Turning Point. After the merger, each share of common stock of Turning Point issued and outstanding and not tendered in the tender offer was automatically converted into the right to receive an amount in cash equal to $76 USD.