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Tribune News Service
Tribune News Service
Business
Mike Freeman

Biotech buyout: San Diego's Turning Point Therapeutics sells to Bristol Myers Squibb for $4.1 billion

Turning Point Bristol Bristol Myers Squibb Bristol Myers San Diego Cancer BMS

Bristol Myers Squibb has inked a deal to buy San Diego's Turning Point Therapeutics for $4.1 billion in cash, strengthening the pharmaceutical giant's presence in precision cancer treatments.

Shareholders of Turning Point, which went public three years ago at $18 per share, will get $76 per share under terms of the transaction.

While that's a hefty gain from the IPO, it's still well below Turning Point's peak share price of $135.90 in February 2021.

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