Turning Point Therapeutics (NASDAQ: YPTX) was up 118.35% after announcing a merger agreement with Bristol Myers Squibb (NYSE: BMY). Bristol Myers Squibb will purchase Turning Point Therapeutics at $76 per share, according to the agreement terms. The Board of directors of both companies unanimously approved the transaction, which is expected to be closed in Q3 2022. Turning Point considers itself a precision oncology firm with a range of experimental drugs under development in its pipeline targeting common mutations linked to ontogenesis.
The firm’s lead candidate is repotrectinib, a next-generation tyrosine kinase inhibitor targeting NTRK and ROS1 oncogenic triggers in non-small cell lung cancer and advanced solid tumors. The US Food and Drug Administration has awarded Repotrectinib three Breakthrough Therapy Designations. In the groundbreaking assessment of the Phase 1/2 TRIDENT-1 clinical study, repotrectinib was found to have a longer responsiveness time relative to available ROS1 medicines in first-line NSCLC.
Amylyx Pharmaceuticals Inc. (NASDAQ: AMLX) was up 26.41%after announcing that the FDA had extended the review timeline for its New Drug Application for AMX0035 to treat Amyotrophic lateral sclerosis. According to the announcement, the revised Prescribed Drug User Fee Act goal date is September 29, 2022. In addition, the FDA has extended the PDUFA deadline to provide extra time for additional assessments of findings from the Amylyx’s clinical trials to be completed. Notably, the FDA has decided that the presentation of this data constitutes a significant change to the NDA, leading to a postponement of the PDUFA deadline.
Co-CEO and Co-founder of the company Justin Klee and Joshua Cohen indicated that they believe AMX0035 can treat people with ALS and other neurodegenerative disorders, and they will continue working together with the FDA when their assessment is completed.
Sprague Resources (NYSE: SRLP) jumped 19.58% after announcing an agreement to be purchased by private partnership Hartreee Partners in an all-cash transaction. According to the terms of the agreement, Hartree Partners will pay $16.5 per Sprague Resources unit that it is not holding already. Hartree Partners and its subsidiaries currently hold 74.5% of the refined petroleum products and natural gas storage, purchased, distribution, and sale company.
Besides that, other factors drove the price point, including Sprague Resources announcing it had wrangled the bid up to $19 per unit. The price jumped on the news as expected, and the figure is around 27% higher than the unit price before the companies commenced discussions in January and almost 19% higher relative to the June 1, 2022 close. The deal is likely to go through, considering Hartree, which owns 74.5%, has voted in favor of the move.