Turning Point Therapeutics

Turning Point Therapeutics - Engage in precision oncology at the clinical stage, with a range of in-house experimental drugs designed to address the major limitations of existing cancer therapies.

2022: Bristol Myers Squibb bought Turning Point Therapeutics for $4.1 billion

On June 3, 2022, it became known that Bristol Myers Squibb (BMS) is acquiring cancer drug developer Turning Point Therapeutics in a deal worth $4.1 billion.

As a result of the acquisition, BMS will have access to repotrectinib, a drug under testing for first-line lung cancer, as a potential competitor to Roche's Roslitrek. Big Pharma acquired Turning Point at a price of $76 per share, with board approval of both companies. The deal is scheduled to be completed in the third quarter of 2022.

Bristol Myers Squibb acquires cancer developer for $4.1 billion

This acquisition will strengthen BMS's mid- and long-term growth strategy by providing a pipeline of precision oncology drugs aimed at combating the common mutations that cause cancer cell growth. Repotrectinib is a new generation tyrosine kinase inhibitor targeting mutations in the ROS1 and NTRK genes, as is the drug Roslitrek.

Repotrectinib received breakthrough therapy status and demonstrated a longer-lasting effect compared to existing anti- ROS1 drugs in the first-line NSCLC in the Phase 1/2 study. Other studies involving the drug include late-stage trials among adults and pediatric patients with advanced solid tumors, as well as a combined KRAS-targeting trial at an earlier stage.

The therapy will be approved in the U.S. in the second half of 2023, according to the BMS. Big Pharma will also explore the potential of other potential Turning Point drugs, which include drugs to treat solid elzovantinib and TPX-0046 tumors.

Turning Point President and CEO Athena Kaunturiotis, MD, said that with BMS's commercial capabilities and manufacturing facilities, the biotech company will be able to speed up the process of bringing its drugs to patients. BMS CEO Giovanni Kaforio, MD, stated that the acquisition continues the strong strategic history of the company's business to further strengthen our growth profile.

The company predicts that the market potential of repotrectinib will be $1.14 billion in the first line and $455 million in the second line at its peak. But this potential may take several quarters to realize after launch, until 2024. Turning Point is expected to discuss the filing with the FDA soon, which could take place before the end of 2022.^[1]

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