- Turning Point Therapeutics (NASDAQ:TPTX) is rising on acquisition news.
- Bristol-Myers Squibb (NYSE:BMY) is buying the company for $76 per share.
- TPTX’s repotrectinib is a major factor in the deal with expected FDA approval next year.
Turning Point Therapeutics (NASDAQ:TPTX) stock is rocketing higher on Friday following news of a deal with Bristol-Myers Squibb (NYSE:BMY).
This deal has Bristol-Myers Squibb offering to buy all outstanding shares of TPTX stock for $76 each. That’s a 122.5% premium over the stock’s closing price of $34.16 per share on Thursday.
Bristol-Myers Squibb intends to acquire the shares in a tender offer. So long as the company acquires the number of shares needed to complete the deal, the remaining will be bought for the same $76 price.
Bristol-Myers Squibb notes that it expects to deal to start being accretive to adjusted earnings per share in 2025. It’s also expecting its adjusted EPS for 2022 to suffer 8 cents as a result of the acquisition.
Bristol-Myers Squibb says it expects Turning Point Therapeutics’ repotrectinib to get approval from the U.S. Food and Drug Administration in the second half of 2023. This is a tyrosine kinase inhibitor that targets ROS1 and NTRK oncogenic drivers of non-small cell lung cancer.
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Shares of TPTX stock are seeing heavy trading today following the acquisition news. This has some 14 million shares of the stock on the move as of this writing. That’s well above its daily average trading volume of only about 668,000 shares.
TPTX stock is up 115.9% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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