By Colin Kellaher

RayzeBio shares nearly doubled in premarket trading Tuesday after the clinical-stage radiopharmaceutical therapeutics company agreed to be acquired by Bristol Myers Squibb at a rich premium.

Bristol Myers will pay $62.50 a share for RayzeBio, a 104% premium to Friday's closing price of $30.57.

The deal carries an equity value of around $4.1 billion and a total value of $3.6 billion net of RayzeBio's cash on hand.

RayzeBio shares were recently up 99% to $60.90 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 26, 2023 07:49 ET (12:49 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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