Finishing 2023 with a bang, Bristol Myers Squibb (BMS) announced its planned acquisitions of both Karuna Therapeutics and RayzeBio in quick succession of one another. The former deal, worth US$14 B, will provide BMS with access to Karuna’s lead asset, KarXT (xanomeline-trospium), an antipsychotic currently under FDA review for the treatment of schizophrenia. Through the takeover of RayzeBio, BMS will hand over US$4.1 B to access its portfolio of actinium-based radiopharmaceutical therapeutics for solid tumours. BMS is seeking near-term revenue generators as patent expiries are fast approaching for some of its major assets.