Bristol Myers Squibb said it will acquire RayzeBio in an all-cash deal valued at $4.1 billion, adding to its cancer drug pipeline and strengthening its push into radiopharmaceuticals.

The company said the purchase will help broaden its oncology portfolio as demand grows for targeted treatments that can deliver radiation directly to tumors. RayzeBio has been developing therapies aimed at improving precision in cancer care.

The transaction reflects a broader wave of dealmaking in the pharmaceutical sector as major drugmakers seek to deepen their research pipelines and secure assets in high-growth treatment areas.

The acquisition still requires customary closing conditions, but if completed, it would give Bristol Myers Squibb a larger foothold in one of the fastest-developing segments of cancer medicine.