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Benzinga
Benzinga
Business
Asif Suria

Merger Arbitrage Mondays – Bristol Myers (BMY) Acquires Third Point Therapeutics (TPTX)

Bristol Myers Bristol Myers Squibb Turning Point Cancer Oncology Gold Fields SailPoint SPAC Thoma Bravo TorontoDominion Bank

Another week and another deal with big pharma buying out a development stage oncology company. Given the real synergies to be had through young companies partnering with big pharma to leverage their manufacturing expertise and distribution networks, regulators have allowed most of them to go through and they tend to close quickly. This explains why the spread on this Bristol Myers Squibb deal for Turning Point Therapeutics has a small spread of 1.89% or 5.85% annualized if the deal closes by the end of Q3 2022. Merger activity decreased last week with five new deals announced and two deals completed. One of the five new deals announced was a potential deal in the works.

Turning Point Therapeutics (NASDAQ:TPTX)

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