Re:
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Bristol-Myers Squibb Company
RayzeBio, Inc.
Schedule TO-T filed January 25, 2024
File No. 005-94159
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1. |
Disclose the existence of any alternative financing plans or arrangements in the event you do not have the necessary funds to pay the offer consideration and related fees and expenses. If there are none, so
state. Refer to Item 1007(b) of Regulation M-A.
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2. |
We note your disclosure in the first paragraph on page 47 that certain conditions “may be waived by Parent or Purchaser in whole or in part at any time and from time to time and in the sole discretion of Parent
or Purchaser.” If an event occurs that implicates an offer condition, an offeror must promptly inform security holders whether it will waive the condition and continue with the Offer, or terminate the Offer based on that condition. In this
respect, reserving the right to waive a condition “at any time and from time to time” is inconsistent with your obligation to inform security holders promptly if events occur that “trigger” an offer condition. Please revise here and later in
the same paragraph, where you state that “failure by Parent, Purchaser or any other affiliate of Parent at any time to exercise any of the foregoing rights will not be deemed a waiver of any such right . . . and each such right will be deemed
an ongoing right that may be asserted at any time and from time to time.”
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3. |
Refer to the following statement on page 47 in this section: “The foregoing conditions are in addition to, and not a limitation of, the rights of Parent and Purchaser to extend, terminate or modify the Offer
pursuant to the terms of the Merger Agreement.” This statement suggests there are additional conditions that will allow Parent and Purchaser to terminate the Offer. Please revise to describe all Offer conditions here, or revise.
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4. |
We note your disclosure that “[t]he Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Shares in any U.S. or foreign jurisdiction in which the making of the Offer or
acceptance thereof would not be in compliance with the laws of such jurisdiction.” While offer materials need not be disseminated into jurisdictions where it is impermissible to do so, please remove the implication that tendered shares will
not be accepted from all stockholders. Refer to Rule 14d-10 and Section II.G.1 of Securities Exchange Act Release No. 58597 (September 19, 2008).
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Sincerely,
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/s/ Kimberly Jablonski
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Kimberly Jablonski
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Corporate Secretary
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