Bristol-Myers Squibb to Buy RayzeBio for $4.1 Billion

Drug company Bristol-Myers Squibb struck a $4.1 billion deal to buy RayzeBio, in a bet on a re-emerging cancer drug technology. 

RayzeBio develops radiopharmaceutical drugs, which use targeted forms of radiation that are delivered directly to cancer cells. Earlier products using the technology struggled commercially, but further research led to another wave of promising therapies that can attack tumors while limiting damage to surrounding healthy cells.