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Bristol-Myers Squibb said it would acquire biotechnology company Turning Point Therapeutics for $4.1 billion, an effort to deepen the biopharmaceutical giant’s position in lung-cancer treatments.
The purchase price of $76 a share in cash is more than double Thursday’s closing price of $34.16 for Turning Point, but well below the trading price of the San Diego-based company before biotechnology stocks dropped starting last fall.
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