TPTX - TPTX STOCK NEWS

Turning Point Therapeutics (TPTX) reported its Q2 2022 financial results, revealing a revenue drop to $0.1 million from $5.2 million year-over-year. R&D expenses surged to $86.8 million due to ongoing projects. The company received positive FDA feedback on repotrectinib ahead of its NDA submission and initiated Phase 1b/2 trials for elzovantinib. A merger agreement with Bristol Myers Squibb is set to close in Q3 2022, and TPTX has about $818 million in cash and equivalents.

Turning Point Therapeutics (NASDAQ: TPTX) announced receiving positive feedback from the FDA following a pre-New Drug Application (NDA) meeting regarding its lead drug candidate, repotrectinib, for treating ROS1+ advanced NSCLC. The FDA concurred with the company's plan to include data from both TKI-naïve and TKI-pretreated patients with a minimum of six months follow-up in the NDA submission. The company aims to address significant unmet needs in advanced NSCLC, believing repotrectinib could offer a best-in-class treatment option.

Bristol Myers Squibb (NYSE:BMY) reported Q2 2022 revenues of $11.9 billion, a 2% year-over-year increase, or 5% when adjusted for foreign exchange. GAAP EPS rose 40% to $0.66, while non-GAAP EPS reached $1.93, mainly impacted by ($0.14) per share from Acquired IPRD charges. 11% revenue growth was noted in in-line products. The company reaffirmed non-GAAP EPS guidance for 2022 while adjusting GAAP EPS guidance. Additionally, they announced plans to acquire Turning Point Therapeutics (NASDAQ:TPTX) for $4.1 billion, expanding their precision oncology portfolio.

Bristol Myers Squibb (NYSE:BMY) has announced an extension of its offer to acquire Turning Point Therapeutics (NASDAQ:TPTX) until August 15, 2022. The offer price remains at $76.00 per share in cash, previously set to expire on July 18, 2022. As of the last update, 34,447,733 shares, approximately 69.0% of Turning Point's outstanding shares, were tendered. The acquisition is anticipated to close in the third quarter of 2022, subject to various regulatory conditions.

Turning Point Therapeutics (NASDAQ: TPTX) and MD Anderson Cancer Center announced a five-year strategic alliance aimed at enhancing research on Turning Point's investigational drugs, particularly focusing on repotrectinib and elzovantinib. The collaboration intends to evaluate these targeted therapies for patients with solid tumors, including non-small cell lung cancers and gastrointestinal cancers. The initiative aims to combine monotherapies with other agents to tackle unmet needs in cancer treatment. This partnership merges clinical expertise from MD Anderson with Turning Point's innovative oncology pipeline.

Bristol Myers Squibb (NYSE:BMY) announced an all-cash tender offer to acquire Turning Point Therapeutics (NASDAQ:TPTX) for $76.00 per share, valuing the deal at approximately $4.1 billion. The acquisition includes repotrectinib, a promising next-generation ROS1/NTRK inhibitor, expected to launch in 2023 and enhance BMY's oncology portfolio. The deal is anticipated to be accretive to non-GAAP earnings per share starting in 2025. Both companies' boards unanimously approved the transaction, expected to close in Q3 2022, subject to customary conditions.

Turning Point Therapeutics (NASDAQ: TPTX) has announced that President and CEO Athena Countouriotis will present at both the Jefferies Healthcare Conference on June 8 and the Goldman Sachs Healthcare Conference on June 14. Dr. Countouriotis’ presentation will take place in New York at 11 a.m. ET and the fireside chat in Rancho Palo Verdes, California at 1 p.m. ET. Both events will be webcasted, with access links available on the company's Investors page.

Turning Point focuses on precision oncology, with investigational drugs targeting various cancer treatments, including its lead candidate, repotrectinib.

Turning Point Therapeutics announced the appointment of Steve Sabus as Chief Commercial Officer, effective May 31, 2022. Sabus brings 15 years of sales experience from Astellas Pharma, where he scaled a $3 billion oncology franchise. His leadership was pivotal in launching drugs like Xtandi and Padcev. The company aims to leverage his expertise as it transitions from a clinical to a commercial stage, especially in preparation for the potential launch of repotrectinib, a promising cancer therapy currently in advanced studies.

Turning Point Therapeutics (TPTX) announced its third Breakthrough Therapy Designation for repotrectinib, targeting ROS1-positive metastatic NSCLC. Positive topline data from the TRIDENT-1 study were reported, with a confirmed overall response rate (cORR) of 79% in the TKI-naïve cohort. The company completed enrollment for the intermediate dose level of elzovantinib and will initiate Phase 2 studies pending FDA feedback. They also expanded their pipeline with the acquisition of TPX-4589 for gastrointestinal cancers. As of March 31, 2022, TPTX holds approximately $918 million in cash, expected to support operations through mid-2024.