Bristol-Myers Squibb to buy Cardioxyl Pharmaceuticals

Cardioxyl is focused on the discovery and development of novel therapeutic agents to treat cardiovascular disease.

The transaction, which is expected to close in the fourth quarter, gives Bristol-Myers the rights to Cardioxyl’s second generation novel nitroxyl (HNO) donor, CXL-1427.

Under the terms of the deal, Cardioxyl will receive upfront and near-term payments of up to $300m and about $1.775bn in development, regulatory and sales milestones.

CXL-1427 is currently in Phase 2 clinical testing for the treatment of acute decompensated heart failure.

It is a novel, improved second-generation prodrug that breaks down chemically to produce HNO and an inactive byproduct after intravenous administration.

In early patient testing, CXL-1427 was demonstrated to improve how the heart muscle contracts and relaxes without increasing heart rate or demand for oxygen.

Bristol-Myers Squibb executive vice president and chief scientific officer Francis Cuss said: "The acquisition of Cardioxyl strengthens Bristol-Myers Squibb’s heart failure pipeline with a Phase 2 asset that has the potential to change the course of the disease rather than simply treating the symptoms."

Cardioxyl president and CEO Christopher Kroeger said: "We are excited about the breadth of drug development capabilities and cardiovascular expertise that Bristol-Myers Squibb will bring to the nitroxyl donor program.

"Heart failure is an important and under-served therapeutic area and we believe Bristol-Myers Squibb is the optimal partner to bring new therapeutic options to the patients who need them."

Image: Bristol-Myers Squibb will initially make an upfront and near-term milestone payments of up to $300m to Cardioxyl

Pharmaceuticals. Photo: courtesy of Bristol-Myers Squibb Company.