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news.Bristol Myers Squibb (BMS) has signed an agreement to acquire clinical-stage biopharmaceutical company MyoKardia for $13.1bn.
Bristol Myers Squibb has agreed to acquire biopharmaceutical company MyoKardia. (Credit: Rept0n1x)
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MyoKardia is engaged in the discovery and development of targeted therapies to treat serious cardiovascular diseases.
As per terms of the merger deal, BMS subsidiary will begin a tender offer to purchase all of the outstanding shares of MyoKardia’s common stock by paying $225 per share in cash.
Upon closing of the tender offer, BMS will acquire all remaining shares of MyoKardia that are not tendered into the tender offer through a second-step merger at the same price of $225 per share.
BMS board chair and CEO Dr Giovanni Caforio said: “The acquisition of MyoKardia further strengthens our portfolio, pipeline and scientific capabilities, and is expected to add a meaningful medium- and long-term growth driver.”
The deal adds BMS with potential first-in-class cardiovascular medicine called mavacamten to treat obstructive hypertrophic cardiomyopathy, a chronic heart disease.
Based on data from the EXPLORER-HCM study, a new drug application (NDA) for mavacamten to treat symptomatic obstructive HCM is expected to be submitted to the US Food and Drug Administration (FDA) in the first quarter of this year.
BMS is also planning to study the full potential of mavacamten in additional indications such as non-obstructive HCM, as well as develop MyoKardia’s two clinical-stage therapeutics such as danicamtiv and MYK-224.
MyoKardia CEO Tassos Gianakakos said: “MyoKardia was formed eight years ago with the aim of changing the world for people with serious cardiovascular diseases through bold and innovative science.
“Since then, MyoKardia’s dedicated employees have established an unparalleled pipeline of targeted therapeutics designed to change the course of disease and return the heart to normal function.”
Subject to customary closing conditions, the deal is expected to be completed in the fourth quarter of this year.
Gordon Dyal is acting as exclusive financial advisor to BMS for the transaction, while Kirkland & Ellis is serving as legal counsel. Centerview Partners and Guggenheim Securities are serving as joint financial advisors to MyoKardia, while Goodwin Procter is acting as legal counsel.
In August this year, BMS signed an agreement to acquire clinical-stage protein engineering company Forbius for an undisclosed sum.
