Bristol Myers Squibb announces third M&A deal this year
Just a few days after punting $14 billion to acquire Karuna, Bristol Myers Squibb (NYSE: BMY) has announced a definitive agreement to take over radiopharmaceuticals-focused drug developer RayzeBio (Nasdaq: RYZB).
The US pharma major said it will promptly commence a tender offer to acquire all of the outstanding shares of RayzeBio common stock at a price of $62.50 per share in an all-cash transaction for a total equity value of around $4.1 billion, or $3.6 billion net of estimated cash acquired. RayzeBio’s shares more than doubled to $61.40 in early trading following the announcement.
The transaction, which was unanimously approved by both the Bristol Myers Squibb and RayzeBio boards of directors, is expected to close in the first half of 2024, subject to customary closing conditions.
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