PRINCETON, N.J. & SAN DIEGO - Bristol Myers Squibb (NYSE: NYSE:BMY) and RayzeBio , Inc. (Nasdaq: NASDAQ:RYZB) cleared a significant regulatory hurdle on Thursday, February 9, 2024, with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act). This development moves Bristol Myers Squibb a step closer to completing its tender offer to purchase all outstanding shares of RayzeBio at $62.50 per share in cash, a deal valued at approximately $4.1B.
The conclusion of the HSR Act waiting period satisfies one of the key conditions for finalizing the acquisition, which also requires a majority of RayzeBio's outstanding common stock to be tendered. The tender offer is set to expire shortly after midnight on February 22, 2024, unless extended.
Bristol Myers Squibb is a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines for patients with serious diseases. RayzeBio is a company dedicated to advancing radiopharmaceutical therapeutics (RPT) for cancer treatment, with its leading program currently in a Phase 3 clinical trial.
The acquisition is poised to enhance Bristol Myers Squibb's position in the oncology sector, leveraging RayzeBio's pipeline of drug candidates and its strategic investments in development capabilities and manufacturing infrastructure. RayzeBio's work in RPT is seen as potentially transformative for cancer treatment, akin to the impact of antibody drug conjugates in certain oncological therapies.
The tender offer was initiated following the filing of a tender offer statement, including an offer to purchase, a letter of transmittal, and related documents, by Bristol Myers Squibb and its wholly owned indirect subsidiary, Rudolph Merger Sub Inc., with the U.S. Securities and Exchange Commission (SEC). RayzeBio also filed a solicitation/recommendation statement with the SEC.
Investors and security holders have been advised to read these documents carefully, as they contain important information about the tender offer. The materials are available for free on the SEC's website and on the websites of Bristol Myers Squibb and RayzeBio.
This move represents a strategic expansion for Bristol Myers Squibb in the rapidly evolving field of cancer therapeutics. The completion of the tender offer and subsequent merger remains subject to other customary closing conditions. The information provided is based on a press release statement from Bristol Myers Squibb.
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