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Bristol-Myers Squibb Co. said it agreed to buy clinical-stage precision-oncology company Turning Point Therapeutics for $4.1 billion, deepening the biopharmaceutical giant’s position in lung-cancer treatments.

The purchase price of $76 a share in cash is more than double Thursday’s closing price of $34.16 for San Diego-based Turning Point.

This post first appeared on wsj.com

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