Bristol Myers, RayzeBio deal, AstraZeneca buying Gracell
Bristol Myers Squibb (BMY) has agreed to acquire clinical-stage radiopharmaceutical therapeutics company RayzeBio (RYZB) in a deal valued at $4.1 billion. RayzeBio shares surged over 99% on news of the acquisition. Last week, Bristol Myers announced it was acquiring Karuna Therapeutics (KRTX) in a $14 billion deal.
AstraZeneca (AZN) is acquiring China's Gracell Biotechnologies (GRCL) for around $1.2 billion. The deal supports AstraZeneca's focus on developing cell therapies to treat cancer and autoimmune diseases.
Yahoo Finance's Brad Smith and Jared Blikre break down the details of these trending tickers.
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Video Transcript
JARED BLIKRE: Bristol Myers announcing an agreement to buy radiopharmaceutical therapeutics company RayzeBio in a deal valued at $4.1 billion. RayzeBio shares soaring 99% ahead of the deal announcement. And this is the second acquisition for Bristol Myers in less than a week. The company announced it was buying neuroscience drug developer Karuna Therapeutics on Friday.
BRAD SMITH: Another pharma deal crossing this morning, AstraZeneca saying it's going to buy China-based cell therapy company Gracell Biotechnologies for up to $1.2 billion. The deal is meant to help grow AstraZeneca's pipeline of cell therapies for potential treatment of cancer and autoimmune diseases. The transaction is expected to close in the first quarter of next year.
JARED BLIKRE: And a crowd favorite at Yahoo Finance, shares of Gap, they are moving higher this morning. The stock has been on a tear this year, up over 80% to date. The retailer has been working all year to improve sales and regain relevancy. Earlier this year, Gap tapped former Mattel executive Richard Dickson to be its CEO.
