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Bristol Myers to Pay $4.1 Billion for Lung-Cancer Biotech

  • Turning Point developing drug blocking growth-linked proteins
  • Repotrectinib expected to launch next year, companies say
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Bristol Myers Squibb Co. agreed to pay $4.1 billion to acquire Turning Point Therapeutics Inc., the developer of a drug for lung cancer that’s expected to launch next year. 

Bristol Myers will pay $76 a share in cash to acquire all outstanding Turning Point shares, the companies said Friday in a statement. Turning Point’s stock, which closed at $34.61 Thursday, more than doubled to $73.79 as of 10 a.m. in New York. Bristol shares were little-changed.