Bristol Myers Squibb has announced its acquisition of RayzeBio, a radiological drug developer based in San Diego, for approximately USD 4.1 billion. The deal, valued at USD 62.50 per share, signifies Bristol's continued commitment to expanding its portfolio with innovative approaches to cancer treatment.

RayzeBio specializes in developing radioactive drugs targeting various tumors in organs such as the lung, pancreas, and liver. 

The acquisition comes as part of Bristol's recent buying spree, following its USD 14 billion agreement to acquire schizophrenia drug developer Karuna Therapeutics.

Bristol's CEO, Chris Boerner, hinted at the company's ongoing pursuit of strategic partnerships and acquisitions. The addition of RayzeBio to Bristol's portfolio further solidifies its position in the oncology space, particularly in the development of drugs that deliver targeted radiation to cancerous cells. 

This approach is gaining prominence in the pharmaceutical industry as it aims to improve treatment efficacy while minimizing side effects on surrounding healthy tissues.