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.