Setting its sights on the screening setting, Exact aims to be a major liquid biopsy player.
The German group hopes that boosting its presence in gene therapy will drive growth of its pharma business.
A global pandemic has done nothing to crimp M&A premiums, with acquirers forced to swallow ever higher price tags.
A few multi-billion-dollar deals got done in the third quarter, but 2020’s acquisition scene still looks anaemic.
The company becomes the third in two months to buy back a division it had spun out just a few years earlier.
The $13.1bn price suggests that Bristol could be banking on mavacamten’s potential outside rare diseases.
Investors are piling into biotech IPOs, but the track record of previous years' new issues shows how hard it is to pick winners.