RayzeBio Inc. (RYZB) shares skyrocketed Tuesday after Bristol Myers Squibb Co. (BMY) said it was buying the radiopharmaceutical therapy company for $4.1 billion💃 to expand its cancer treatment options. It was the second multibillion-dollar acquisition for Bristol Myers Squibb in less 💮than a week.

Bristol Myers Squibb said in a press release it would pay RayzeBio investors $62.50 for every share they held. That works out to be a 104% premium to RayzeBio’s closing price Friday.

RayzeBio is developing ways to use radioactive particles to kill cancer cells. Bristol Myers Squibb said RayzeBio's current pipeline includes programs that treat solid tumors, including gastroenteropancreatic neuroendocrine tumors, small cell lung cancer, and hepatocellular carcinoma. 

Bristol Myers Squibb Chief Executive Officer Christopher Boerner said radiopharmaceutical therapeutics already are transforming 澳洲幸运5官方开奖结果体彩网:cancer care, and that adding RayzeBio “enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline.”

The company said it expects to finance the deal by issuing debt. The transac🗹tion is expected to be completed in the first꧟ half of next year. 

On Friday, Bristol Myers Squibb announced a $14 billion 澳洲♉幸运5官方开奖结果体彩网:purchase of Karuna Therapeutics Inc. to boost its neuroscience portfolio.

Shares of RayzeBio, which carried out an initial𝕴 public offering in September, doubled on Tuesday, trading at $61.31 at noon E.T.

Bristol Myers Squibb shares were 2.1% lower.