Summary by Moomoo AI
Bristol-Myers Squibb Company has announced the successful expiration of the Hart-Scott-Rodino (HSR) Act waiting period for its tender offer to acquire all outstanding shares of RayzeBio, Inc. The waiting period expired on February 9, 2024, satisfying one of the necessary conditions for the completion of the acquisition. The tender offer, priced at $62.50 per share in cash, values RayzeBio at approximately $4.1 billion. The transaction remains subject to the tender of a majority of RayzeBio's outstanding common stock and other customary closing conditions. The offer is set to expire on February 22, 2024, unless extended. This acquisition is part of Bristol-Myers Squibb's strategy to expand its portfolio in the biopharmaceutical sector, with RayzeBio focusing on radiopharmaceutical therapeutics for cancer treatment. Additionally, two complaints have been filed in federal court challenging certain disclosures related to the tender offer, which RayzeBio intends to defend vigorously. The announcement also included a joint press release issued by both companies on February 12, 2024.