Cantor says Bristol joins ‘radiopharmaceuticals race’ with RayzeBio deal

After Bristol Myers (BMY) announced a $4.1B acquisition of RayzeBio (RYZB), Cantor Fitzgerald said targeted radiopharmaceuticals for solid tumors “have been making a splash,” highlighting Eli Lilly’s (LLY) recent $1.4B acquisition of Point Biopharma (PNT). With about $6B in acquisitions of Endocyte and Advanced Accelerator, Novartis (NVS) is the most invested in the space, and Bayer (BAYRY) also brought its radiotherapeutic Xofigo to market in 2013, the analyst noted. While there are challenges to radiopharmaceutical development, there’s been “a ton of advancement recently” and it is “a space to look out for,” says the analyst, who adds that the firm is “optimistic about the rapidly evolving space and its potential to transform standard of care for cancer patients.” Cantor has a Neutral rating and $55 price target on Bristol Myers shares.