Summary by Moomoo AI
Bristol-Myers Squibb Company (BMS), through its subsidiary Rudolph Merger Sub Inc., has announced a tender offer to acquire all outstanding shares of RayzeBio, Inc. for $62.50 per share in cash. The offer is part of a definitive merger agreement aimed at acquiring the entire equity interest in RayzeBio, making it a wholly owned subsidiary of BMS. The tender offer is subject to customary conditions, including the receipt of a majority of RayzeBio's shares and regulatory approvals. The offer, dated January 25, 2024, is not contingent on financing. BMS plans to finance the acquisition through cash on hand, debt issuance, or borrowing. The merger is expected to follow promptly after the tender offer's completion, subject to the satisfaction of remaining conditions. RayzeBio specializes in radiopharmaceutical therapeutics, with its lead program in Phase 3 clinical trials. The acquisition aligns with BMS's strategic focus on innovative medicines for serious diseases.