Bristol Myers Squibb Announces Extension of Turning Point Tender Offer

Bristol Myers Squibb (NYSE:BMY) today has announced that Rhumba Merger Sub Inc. ("Offeror"), a wholly owned subsidiary of Bristol Myers Squibb, has extended the expiration date of its offer (the "Offer") to acquire (the "Acquisition") all of the outstanding shares of common stock, par value $0.0001 per share ("Common Stock"), of Turning Point Therapeutics, Inc. (NASDAQ:TPTX), ("Turning Point") at a price of $76.00 per share, in cash, without interest, subject to any applicable withholding of taxes, pursuant to the terms of the Agreement and Plan of Merger, dated as of June 2, 2022, among Bristol Myers Squibb, Offeror and Turning Point (the "Merger Agreement"). The Acquisition is expected to close during the third quarter of 2022.

The Offer, which was previously scheduled to expire one minute following 11:59 p.m., Eastern Time, on July 18, 2022, has been extended until 5:00 p.m., Eastern Time, on August 15, 2022.

Equiniti Trust Company, the depositary for the Offer, has advised the Offeror that as of 5:30 p.m., Eastern Time, on July 18, 2022, 34,447,733 shares of Turning Point, representing approximately 69.0% of the issued and outstanding shares of Common Stock, have been validly tendered and not properly validly withdrawn pursuant to the Offer. Holders that have previously tendered their shares do not need to re-tender their shares or take any other action in response to this extension.

The Offer is being made pursuant to the terms and conditions described in the Offer to Purchase, dated June 17, 2022 (as it may be amended or supplemented from time to time, the "Offer to Purchase"), the related Letter of Transmittal and certain other offer documents, copies of which are attached to the Tender Offer Statement on Schedule TO (together with any amendments or supplements thereto, the "Tender Offer Statement") filed by Bristol Myers Squibb and Offeror with the U.S. Securities and Exchange Commission (the "SEC") on June 17, 2022, as amended.

The Offer is conditioned upon the fulfillment of certain conditions described in "The Offer—Section 15—Conditions to the Offer" of the Offer to Purchase, including, but not limited to, the termination or expiration of any applicable mandatory waiting period (and any extensions thereof) imposed under the Hart-Scott-Rodino Act.

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