BMS To Acquire Biopharm Company MyoKardia for $13.1 BnBy
Bristol-Myers Squibb (BMS) has agreed to acquire MyoKardia, a Brisbane, California-based clinical-stage biopharmaceutical company focused on cardiovascular diseases, for $13.1 billion.
MyoKardia’s lead drug candidate is mavacamten, in Phase III development, for treating obstructive hypertrophic cardiomyopathy (HCM), a chronic heart disease. A new drug application for mavacamten for treating symptomatic obstructive HCM is expected to be submitted to the US Food and Drug Administration in the first quarter of 2021. BMS says it expects to progress mavacamten in additional indications, including non-obstructive HCM, as well as develop two clinical-stage therapeutics: danicamtiv for treating genetic dilated cardiomyopathy, now in Phase II development, and MYK-224, in Phase I development, for treating HCM.
Under the merger agreement, a subsidiary of BMS, will begin a tender offer to acquire all of the outstanding shares of MyoKardia’s common stock for $225.00 per share in cash. The transaction was unanimously approved by both the BMS’ and MyoKardia’s Boards of Directors and is anticipated to close during the fourth quarter of 2020.
The transaction is subject to customary closing conditions, including the tender of a majority of the outstanding shares of MyoKardia’s common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Following the successful 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 $225.00 per share.
Source: Bristol-Myers Squibb