Dec 26 Reuters Bristol Myers Squibb said on Tuesday it would buy RayzeBio for about 4.1 billion to bolster its cancer drug business, marking the second multibillion dollar deal struck by the drugmaker in less than a week.

Bristol Myers had also announced a 14 billion buyout of schizophrenia drug developer Karuna Therapeutics on Friday, nearly two months after newlyappointed CEO Chris Boerner officially took the helm at the drugmaker.

Both deals come as sales of Bristol Myers39; top drugs, blood cancer treatment Revlimid and blood thinner Eliquis, take a hit from generic competition while other older therapies face loss of patent protection later this decade.

With the RayzeBio deal, Bristol gains a latestage targeted radiopharma therapy designed to kill cancer cells by delivering radioactive particles to the tumurous tissue or tumorassociated cells. The drug, called RYZ101 by RayzeBio, is being tested to treat a rare type of pancreatic cancer.

The RayzeBio acquisition further strengthens our growth opportunities in the back half of the decade and beyond, Boerner said.

Bristol also gains access to RayzeBio39;s manufacturing site in Indianapolis, Indiana for radiopharmaceutical compounds, which is currently under construction.

Bristol said it will pay 62.50 for each share of RayzeBio in cash, representing a premium of 104 to the stock39;s last close.

RayzeBio shares, which had risen 27 since their market debut in September, more than doubled to 61.53 in early trading….