Through the acquisition, Bristol Myers will benefit from MyoKardia’s investigational cardiovascular medicine mavacamten for obstructive hypertrophic cardiomyopathy (HCM) treatment
Bristol Myers Squibb has agreed to acquire MyoKardia, a clinical-stage biopharmaceutical firm focused on treatments for cardiovascular diseases, for $13.1bn in cash.
Under the terms of the deal, Bristol Myers Squibb, through its subsidiary, is expected to place a tender offer to buy all the outstanding shares of MyoKardia for $225 per share.
Once the tender offer is closed, the company is expected to acquire all the remaining shares of MyoKardia that are not tendered into the tender through a second-step merger at the same price of $225 per share.
The transaction, which was unanimously approved by both companies’ boards of directors, is planned to be closed in the fourth quarter of 2020. Bristol Myers Squibb intends to finance the transaction through a combination of cash and debt.
Closing of the deal 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.
Bristol Myers Squibb to benefit from MyoKardia’s HCM treatment mavacamten
MyoKardia is a clinical-stage biopharmaceutical company, engaged in the discovery and development of targeted therapies for the treatment of severe cardiovascular diseases.
With the transaction, Bristol Myers Squibb will gain access to mavacamten, an investigational cardiovascular medicine for obstructive hypertrophic cardiomyopathy (HCM), a chronic heart disease.
The company is expected to file a New Drug Application (NDA) with the US Food and Drug Administration (FDA) for mavacamten to treat symptomatic obstructive HCM.
The NDA application will be supported by the data from the EXPLORER-HCM clinical trial and is expected to be submitted to in the first quarter of 2021.
Furthermore, Bristol Myers Squibb said that it will explore the potential of mavacamten in additional indications, including non-obstructive HCM.
Also, the company would further develop MyoKardia’s portfolio of novel compounds, including two clinical-stage therapeutics MYK-491(danicamtiv) and MYK-224.
MyoKardia CEO Tassos Gianakakos said: “Bristol Myers Squibb shares our vision for transforming the treatment of cardiovascular disease. They value our team and the potential of our platform and, most importantly, share our unwavering commitment to placing patients at the centre of everything we do.
“Together, our complementary strengths and expanded resources and reach will further accelerate the pace at which we can discover, develop and commercialize our novel medicines for the benefit of people suffering from cardiovascular disease around the world.”