Pharma BD Deal Intelligence
BMS acquired RayzeBio for ~$4.1B for radiopharmaceutical development.
BMS and RayzeBio paused new-patient enrollment in the Phase 3 ACTION-1 trial of RYZ101 in June 2024 due to an actinium-225 isotope supply shortage;…
BMS opened a ~$160M, 77,000-sq-ft Indianapolis complex to produce actinium-225-based radiopharmaceutical cancer treatments; ribbon-cutting held July 11,…
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Bristol-Myers Squibb Company / RayzeBio Inc. (this deal) | 2023 | $4.1B | 68 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Bristol-Myers Squibb Company / Celgene Corporation | 2019 | $74.0B | 77 |
| Bristol-Myers Squibb Company / MyoKardia Inc. | 2020 | $13.1B | 76 |
| Bristol-Myers Squibb Company / Karuna Therapeutics | 2023 | $14.0B | 76 |
| Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. | 2011 | — | 76 |
| Bristol-Myers Squibb Company / SystImmune Inc. | 2023 | $8.4B | 71 |
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