Bristol Myers Squibb(BMY) said Tuesday it would acquire cancer drug developerRayzeBio(RYZB) in a deal valued at $4.1 billion. RYZB stock soared 100% on the news while BMY stock traded slightly lower.








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Bristol Myers will pay $62.50 per share for RayzeBio, a 104% premium to the company's Friday closing price of $30.57.

On thestock market today, RYZB stock was up 100.8% at 61.39 in recent action.Meanwhile, BMY stock slipped 1.9% to 51.33.

BMY Stock: Two Acquisitions In Past Week

RayzeBio completed an initial public offering in September. The San Diego-based company is a clinical-stage developer of radiopharmaceutical therapeutics. Its current pipeline includes programs targeting the treatment of solid tumors, small cell lung cancer and hepatocellular carcinoma. That includes aPhase 3 trialfor a rare type of pancreatic tumor, according to the Bristol Myers' news release.

"Acquiring RayzeBio's differentiated actinium-based radiopharmaceutical platform will establish Bristol Myers Squibb's presence in one of the most promising and fastest-growing new modalities for the treatment of patients with solid tumors — delivering radioactive payloads to cancer cells in a targeted manner," Samit Hirawat, Bristol Myers' chief medical officer, drug development, said in anews release.

Bristol Myers said it expects to close the deal in the first half of next year.

Meanwhile, this is the second major acquisition by Bristol Myers in the past week. On Friday, thecompany announceda $14 billion acquisition ofKaruna Therapeutics(KRTX). Karuna is developing a drug for the treatment of schizophrenia.

BMY stock was down 27% this year entering trading Tuesday. RYZB stock, meanwhile, had already gained about 70% from its offer price in September before shares soared on news of the deal Tuesday.