Bristol Myers to purchase Turning Level Therapeutics for $4.1 billion By Reuters

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© Reuters. FILE PHOTO: A woman holds test tube in front of displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

(Reuters) -Bristol Myers Squibb said on Friday it would acquire drug developer Turning Point Therapeutics (NASDAQ:) Inc for $4.1 billion in cash to gain access to a portfolio of promising cancer drugs.

The US drugmaker will pay $76 per Turning Point share, a 122.5% premium to its last closing price.

Turning Point’s lead asset is repotrectiniba that belongs to a class of treatments called tyrosine kinase inhibitors.

Bristol Myers (NYSE:) expects repotrectinib to be approved in the United States in the second half of 2023.

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