Bristol Myers Squibb (BMS) has announced the conclusion of its acquisition of RayzeBio, a clinical-stage radiopharmaceutical company, for $4.1bn.

RayzeBio is now a wholly owned BMS subsidiary.

The companies signed an agreement for the acquisition in December 2023 in which BMS would acquire all outstanding shares of RayzeBio.

The acquisition introduces a radiopharmaceutical therapeutics (RPTs) pipeline to BMS, including the lead programme, RYZ101 (²²⁵Ac-DOTATATE). This therapy is designed to target somatostatin receptor (SSTR)2, which is overexpressed in gastroenteropancreatic neuroendocrine tumours (GEP-NETs) and extensive stage small cell lung cancer (ES-SCLC).

A Phase III clinical trial is currently enrolling subjects to assess RYZ101 in individuals with SSTR-positive GEP-NETs who have previously received treatment with lutetium-177-based somatostatin therapies.

Interim data from the Phase Ib portion of the ACTION-1 clinical trial for RYZ101 have shown encouraging tolerability and efficacy.

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A Phase Ib trial is also progressing to assess RYZ101 as a first-line treatment for ES-SCLC in combination with standard-of-care therapy.

The acquisition also includes an RPT manufacturing facility which will commence operations in the first half of 2024.

BMS CEO Chris Boerner stated: “We are excited to complete this transaction, which adds RPTs, one of the fastest-growing new modalities for treating patients with solid tumours.

“By strengthening and further diversifying our oncology pipeline beyond I-O, we will unlock exciting opportunities that support BMS’s growth in the back half of the decade and beyond. RayzeBio is a pioneer in the application of this novel modality, and we look forward to working with their talented team to accelerate their preclinical and clinical programmes for the benefit of patients around the world.”

The latest deal comes after BMS entered a $674m collaboration with US deep tech company VantAI.

The partnership will focus on using VantAI’s generative AI platform to design and develop molecular glues – a small molecule that induces or stabilises interactions between two proteins that would not normally go together.