cbaker_admin
Tue, 10/06/2020 – 10:00
Bristol Myers Squibb Co. said it will purchase biotech Brisbane, CA-based MyoKardia in a deal valued at $13.1 billion. If the all-cash deal is approved, Bristol Myers Squibb would gain MyoKardia’s experimental heart drug and could reduce its reliance on cancer therapies. Bristol Myers agreed to pay $225 per share for MyoKardia, whose lead pipeline drug, code-named mavacamten, treats a chronic heart condition called hypertrophic cardiomyopathy. Bristol Myers Squibb intends to request U.S. health regulators in 2021 to approve the drug, according to Bristol Myers Squibb CEO Giovanni Caforio. BMO Capital Markets analysts forecast that mavacamten could generate more than $1.5 billion in global sales by 2025. The American Heart Association says hypertrophic cardiomyopathy is often inherited and occurs in about one in every 500 people. Earlier this year, MyoKardia reported pivotal-stage data indicating that mavacamten significantly enhanced heart function and oxygen consumption in hypertrophic cardiomyopathy patients after 30 weeks. The data was published in The Lancet. Bristol Myers Squibb anticipates closing the deal in the fourth quarter.
