Bristol Myers will pay $4.1 billion for cancer startup RayzeBio

Bristol Myers Squibb will pay $4.1 billion for RayzeBio, the companies said Tuesday, buying into the fast-growing field of using targeted doses of radiation to treat cancer.

RayzeBio, which raised about $350 million in a September initial public offering, is working in radiopharmaceuticals, which pair the tumor-killing power of radiation with the precision of targeted cancer therapies. The company is currently running a pivotal trial of its most advanced drug, RYZ101, in neuroendocrine cancer and has a pipeline of treatments for kidney, liver, and other cancers.

Bristol Myers will pay $62.50 in cash per share of RayzeBio, a roughly 115% premium to the company’s recent trading and more than triple the company’s IPO price.

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