Bristol Myers Squibb (BMS) has successfully completed its acquisition of Turning Point Therapeutics (Turning Point), further expanding its oncology portfolio, the company announced.
Through the all-cash transaction, BMS gains a pipeline of investigational medicines designed to ‘target the most common mutations associated with oncogenesis’, including repotrectinib – a next-generation tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer (NSCLC) and other advanced solid tumours.
Repotrectinib previously demonstrated a longer duration of response in the phase 1/2 TRIDENT-1 clinical trial, compared to existing ROS1 agents in first-line NSCLC.
BMS expects repotrectinib to be approved in the US in the second half of 2023 and become a ‘new standard of care’ for patients with ROS1-positive NSCLC in the first-line setting, after being granted three Breakthrough Therapy Designations from the US Food and Drug Administration (FDA).
The company also outlined its plans to continue to explore the potential of Turning Point’s ‘promising pipeline’ of novel compounds.
Elizabeth Mily, executive vice president, strategy and business development, BMS, said: “Turning Point has distinguished itself in the field of precision oncology, and this acquisition will further strengthen our leading oncology franchise.
“With Turning Point’s lead asset, repotrectinib, BMS will be positioned to address a significant unmet medical need for ROS1-positive NSCLC patients. We look forward to bringing this promising, innovative medicine to patients in the second half of 2023.”
BMS and Turning Point announced the definitive merger – unanimously approved by both companies’ board of directors – earlier this year, under which BMS would acquire Turning Point for $76 per share.
In the initial announcement of the merger, Athena Countouriotis, president and chief executive officer, Turning Point, said: “Through this transaction, we will be able to harness the full potential of our precision oncology platform to advance the standard of care for cancer patients. Since our founding, we have leveraged our deep scientific expertise to develop a pipeline of promising precision oncology assets.
“With BMS’ leadership in oncology, strong commercial capabilities and manufacturing footprint, we will be able to further accelerate the pace at which we can bring our novel medicines to benefit people diagnosed with cancer around the world.”