Reuters
Bristol Myers to buy RayzeBio for $4.1 billion in targeted cancer therapy push
(Reuters) -Bristol Myers Squibb said on Tuesday it would buy RayzeBio for about $4.1 billion to bolster its cancer drug business, marking the second multi-billion dollar deal struck by the drugmaker in less than a week. Bristol Myers had announced a $14 billion buyout of schizophrenia drug developer Karuna Therapeutics on Friday, nearly two months after newly-appointed CEO Chris Boerner officially took the helm at the drugmaker. Recent deals show Bristol’s urgency to bring in more products, said William Blair analyst Matt Phipps, as some of the drugmaker’s older therapies are set to face a loss of patent protection later this decade.