Bristol Myers will pay $4.1 billion for cancer startup RayzeBio

Bristol Myers Squibb will pay $4.1 billion for RayzeBio, the companies said Tuesday, buying into the fast-growing field of using targeted doses of radiation to treat cancer.

RayzeBio, which raised about $350 million in a September initial public offering, is working in radiopharmaceuticals, which pair the tumor-killing power of radiation with the precision of targeted cancer therapies. The company is currently running a pivotal trial of its most advanced drug, RYZ101, in neuroendocrine cancer and has a pipeline of treatments for kidney, liver, and other cancers.

Bristol Myers will pay $62.50 in cash per share of RayzeBio, a roughly 115% premium to the company’s recent trading and more than triple the company’s IPO price.

STAT+ Exclusive Story

Already have an account? Log in

This article is exclusive to STAT+ subscribers

Unlock this article — plus daily coverage and analysis of the biotech sector — by subscribing to STAT+.

Already have an account? Log in

Already have an account? Log in

Individual plans

Group plans

Monthly

$39

Totals $468 per year

$39/month Get Started

Totals $468 per year

Starter

$30

for 3 months, then $39/month

$30 for 3 months Get Started

Then $39/month

Annual

$399

Save 15%

$399/year Get Started

Save 15%

11+ Users

Custom

Savings start at 25%!

Request A Quote Request A Quote

Savings start at 25%!

2-10 Users

$300

Annually per user

$300/year Get Started

$300 Annually per user

View All Plans

Get unlimited access to award-winning journalism and exclusive events.

Subscribe

Log In