Pharma BD Deal Intelligence
Bristol Myers Squibb acquired RayzeBio (Nasdaq: RYZB) for $62.50 per share in cash, approximately $4.1 billion in equity value, in a deal announced December 26, 2023 and completed February 26, 2024. The acquisition gave BMS a differentiated actinium-225 (Ac-225) alpha-emitter radiopharmaceutical platform anchored by lead asset RYZ101 (225Ac-DOTATATE), a Phase 3 (ACTION-1) somatostatin-receptor-2-targeted therapy for SSTR2+ gastroenteropancreatic neuroendocrine tumors progressing after 177Lu somatostatin-analogue therapy, with additional development in extensive-stage small cell lung cancer and hepatocellular carcinoma. Post-close, the central execution risk has been Ac-225 isotope supply: BMS paused new ACTION-1 enrollment in June 2024 over a supply shortage, then in July 2025 opened a dedicated ~$160M, 77,000-sq-ft actinium radiopharmaceutical manufacturing facility in Indianapolis to vertically integrate clinical RYZ101 supply, materially de-risking the platform thesis.