Bristol Myers Squibb announced Friday morning that it is buying Turning Point Therapeutics, a clinical-stage precision oncology company, for $4.1 billion. 

The purchase of Turning Point, which develops investigational medicines designed to target mutations associated with oncogenesis, bulks up BMS’ oncology portfolio.

Turning Point’s main asset is repotrectinib, a tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer. Repotrectinib has received three Breakthrough Therapy designations from the Food and Drug Administration and the company expects the drug to be approved in the latter part of 2023.

“With Bristol Myers Squibb’s leadership in oncology, strong commercial capabilities and manufacturing footprint, we will be able to further accelerate the pace at which we can bring our novel medicines to benefit people diagnosed with cancer around the world,” said Turning Point CEO Dr. Athena Countouriotis in a statement.  

The deal is subject to regulatory approvals and is expected to close in the third quarter of 2022.

“The acquisition of Turning Point Therapeutics further broadens our leading oncology franchise by adding a best-in-class, late-stage precision oncology asset,” added BMS CEO Dr. Giovanni Caforio in the statement.

Oncology has been a driver for BMS’ financial success in recent reporting periods, despite the recent announcement that its Opdivo/Yervoy combo therapy for bladder cancer failed in a Phase III study.

In its latest recorded earnings, BMS posted revenues of $11.6 billion, marking an increase of 5% year-over-year.

The New York-based company saw sales of oncology drug Yervoy increase during the last quarter after European health regulators approved a combination treatment with Opdivo for patients with non-small cell lung cancer.

However, the company experienced revenue declines for cancer med Revlimid, down 5% year-over-year, and chemo drug Abraxane, down 32%.