Kirkland, Cooley instruct on gaining oncology specialist

Kirkland, Cooley instruct on gaining oncology specialist

Turning Point Therapeutics will grant BMS access to its pipeline of cancer drugs in exchange for the $4.1bn deal

The M&A practice at Kirkland & Ellis advised Bristol Myers Squibb on the acquisition of oncology specialists Turning Point Therapeutics, for a purchase price of $4.1 billion.

In exchange for the deal, Bristol Myers Squibb, based in New York, will have access to Turning Point's pipeline of investigational medicines designed to target the most common cancer-causing mutations. Turning Point retained Cooley for its acquisition of the company, which is expected to close in the third quarter.

Bristol Myers Squibb's chairman and CEO, Giovanni Caforio, wrote: "This acquisition adds a best-in-class, late-stage precision oncotherapy asset to our well-established oncology franchise." "Through this acquisition, we will continue to build upon our strong track record of strategic business development to increase our growth profile."

In the Kirkland team were New York-based corporate partners Jonathan Davis, Steven Li and Daniel Wolf and associate Rebecca Roach, as well as San Francisco-based technologies and IP transaction partners Lisa Samenfeld and Amber Harezlak and IP litigation partner Patricia Carson.

Barbara Borden served as co-chair of Cooley's M&A practice and M&A partners Rowook Park, Charles Bair, Lindsey O'Crump, Vivian Tsai and Melissa Meza supported the practice.

In a statement, Turning Point's president and CEO, Athena Countouriotis noted: "We are excited that through this acquisition, we will be able to benefit cancer patients with our precision oncology platform. We will increase the pace at which Bristol Myers Squibb delivers our innovative medicines to people diagnosed with cancer around the world as a result of its strength in oncology, strong commercial capabilities and manufacturing footprint.

Refinitiv's M&A advisory league tables rated Kirkland fourth in terms of transaction value and second in terms of deal volume for the first quarter of this year, with 207 transactions totaling $119bn.

At this point, Cooley has worked on 76 deals worth approximately $7bn and is ranked ninth by deal volume.

Following Pfizer's $11.6bn acquisition of migraine drug maker Biohaven Pharmaceuticals in early May, it is the second pharma deal to hit headlines within the past month. Ropes & Gray and Sullivan & Cromwell advised on that deal.