BMS Picks up High Potential NSCLC Drug in $4.1B Turning Point Acquisition



Bristol Myers Squibb announced Friday that it is acquiring San Diego-based Turning Point Therapeutics in a deal totaling about $4.1 billion.


Bristol Myers Squibb announced Friday that it is acquiring San Diego-based Turning Point Therapeutics in a deal totaling about $4.1 billion. Turning Point is a precision oncology company whose lead asset, repotrectinib, has received three Breakthrough Therapy Designations from the U.S. Food and Drug Administration.

Under the terms of the acquisition, BMS is paying $76.00 per share in cash for a total of $4.1 billion in equity value. The company indicates that the deal supports its medium- to long-term growth strategy.

Repotrectinib is a next-generation, best-in-class tyrosine kinase inhibitor (TKI) that targets the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer (NSCLC), as well as other advanced solid tumors. In Turning Point’s Phase I/II TRIDENT trial, it observed longer duration of response than with existing ROS1 therapies in first-line NSCLC. BMS said it expects the drug to be approved in the U.S. in the second half of 2023 and that it has the potential to become a new standard of care in ROS1-positive NSCLC in the first-line setting.

“The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset,” Dr. Giovanni Caforio, M.D., board chair and chief executive officer at BMS said in a statement. “With this transaction, we are continuing our strong track record of strategic business development to further enhance our growth profile.”

Turning Point’s targeted cancer therapies are developed using the company’s macrocycle platform and its expertise in structure-based design. Repotrectinib is being developed in pediatric advanced solid tumors and KRAS-targeting combinations as well as NSCLC and other solid tumors. One candidate, elzovantinib, is being developed for advanced solid tumors and EGFR combination therapies. Additional pipeline compounds include TPX-0046 for advanced solid tumors, TPX-0131 for advanced NSCLC, TPX-4589 for advanced solid tumors and a discovery program on which it has partnered with ZaiLab.

On May 10, the FDA granted repotrectinib its third Breakthrough Therapy designation for the treatment of patients with ROS1-positive metastatic NSCLC who had been previously treated with one ROS1 TKI and who have not received previous platinum-based chemotherapy. The two previous BTDs were for ROS1-positive metastatic NSCLC patients who had not received a ROS1 TKI and patients with advanced solid tumors with an NTRK gene fusion who have progressed after treatment with one or two previous TRK TKIs, with or without previous chemotherapy, and have no satisfactory alternative treatments. It had also previously received four Fast-Track designations and an Orphan Drug designation.

At the company’s first-quarter financial report on May 10, Dr. Athena Countouriotis, M.D., president and chief executive officer of Turning Point, said, “We are pleased with our continued progress led by our topline data for repotrectinib and now our third BTD being granted for our lead asset. We recently expanded our clinical pipeline with our first in-license of TPX-4589, our potential first-in-class ADC targeting Claudin18.2, which was recently granted Orphan Drug designation by the FDA for both gastric and pancreatic cancers.” She added that the company looks forward to a “data-rich” second half of 2022.

Of the deal with BMS, Countouriotis said Turning Point “will be able to harness the full potential of our precision oncology platform to advance the standard of care for cancer patients. With Bristol Myers Squibb’s leadership in oncology, strong commercial capabilities and manufacturing footprint, we will be able to further accelerate the pace at which we can bring our novel medicines to benefit people diagnosed with cancer around the world.”

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