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Bristol-Myers Squibb Acquires RayzeBio

The acquisition will bolster the pharma giant's cancer drug portfolio.

Kristen Kazarian

December 28, 2023

1 Min Read
Bristol-Myers Squibb acquires oncology company
RayzBio offers radiopharmaceutical therapeutics, which are transforming cancer care.Image courtesy of Bristol-Myers Squibb, RayzeBio

Bristol Myers Squibb will acquire San Diego, CA-based RayzeBio for approximately $4.1 billion.

RayzeBio, a clinical-stage radiopharmaceutical therapeutics (“RPT”) company, has an innovation-leading position in actinium-based RPTs and a pipeline of potentially first-in-class and best-in-class drug development programs. Current pipeline programs are targeting the treatment of solid tumors, including gastroenteropancreatic neuroendocrine tumors (GEP-NETs), small cell lung cancer, hepatocellular carcinoma, and other cancers.

“This transaction enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond,” said Christopher Boerner, CEO of Bristol Myers Squibb.

“Radiopharmaceutical therapeutics are already transforming cancer care, and RayzeBio is at the forefront of pioneering the application of this novel modality. We look forward to supporting and accelerating RayzeBio’s preclinical and clinical programs and advancing its highly innovative radiopharmaceutical platform," he added.

RayzeBio is completing construction of a state-of-the-art in-house manufacturing facility in Indianapolis, IN, and GMP drug production is expected to begin in the first half of 2024.

“Despite therapeutic advances in recent years, the need for more effective treatments in solid tumors persists, and radiopharmaceutical therapeutics are positioned to be an important next wave of innovation in oncology therapy," said Ken Song, M.D., president and CEO of RayzeBio. "Bristol Myers Squibb’s well-established presence in oncology and deep expertise in developing, commercializing and manufacturing treatments on a global scale makes it the ideal partner for RayzeBio at this important moment in our evolution. I am excited to see what our team achieves as part of Bristol Myers Squibb.”

The transaction is expected to close in the first half of 2024.

Read here for other recent mergers and acquisitions in the pharmaceutical sector.

About the Author(s)

Kristen Kazarian

Managing Editor

Kristen Kazarian has been a writer and editor for more than three decades. She has worked at several consumer magazines and B2B publications in the fields of food and beverage, packaging, processing, women's interest, local news, health and nutrition, fashion and beauty, automotive, and computers.

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