On December 26, 2023, Bristol Myers Squibb (NYSE: BMY), a global biopharmaceutical company, and RayzeBio Inc. (NASDAQ: RYZB),  a clinical-stage radiopharmaceutical therapeutics company, announced that they had entered into a definitive agreement pursuant to which Bristol Myers Squibb will acquire RayzeBio for $62.50 per share in cash, for a total equity value of approximately $4.1 billion, or $3.6 billion net of estimated cash acquired. Wilson Sonsini Goodrich & Rosati advised RayzeBio on patent matters related to the transaction.

The combination brings RayzeBio’s differentiated actinium-based radiopharmaceutical platform, including a rich pipeline of multiple drug development programs, to Bristol Myers Squibb’s leading oncology franchise. The transaction is expected to close in the first half of 2024, subject to customary closing conditions.

The Wilson Sonsini team advising RayzeBio on patent maters includes Mike Hostetler, Ying Chen, Michael Wormald, and Céline Bonnefous.

For more information, please see Bristol Myers Squibb's news release. Additional coverage can be found on The Wall Street Journal, Reuters, and STAT.