By Colin Kellaher
Shares of Turning Point Therapeutics Inc. took flight on Friday after the clinical-stage precision-oncology company agreed to be acquired by Bristol Myers Squibb Co. for $4.1 billion.
Bristol Myers said it would pay $76 a share in cash for San Diego-based Turning Point, more than Thursday's closing price of $34.16.
The purchase price is shy of Turning Point's 52-week high of $83.06 last June and well below its all-time high of $141.30 reached in February 2021, before a big downturn in the biotechnology sector.
Turning Point shares were recently changing hands at $73.75, while shares of New York-based Bristol Myers, which is using cash on hand to fund the deal, were roughly flat at $75.01.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
06-03-22 1021ET