Bristol Myers Squibb said on Oct. 5 it would acquire MyoKardia for $13.1 billion, or $225 a share in cash. That represents a premium of 61% to the closing price on Oct. 2, the last day of trading before the deal was announced. Bristol Myers will pay with cash on hand and debt.
MyoKardia does not have any approved drugs, but it expects to file for approval in early 2021 for mavacamten, a treatment for obstructive hypertrophic cardiomyopathy, a chronic heart disease that has been diagnosed in up to 200,000 symptomatic people in America and Europe. Bristol Myers says it will develop mavacamten for other indications, and other drugs in MyoKardia’s pipeline.
Last year, Bristol Myers paid $74 billion to buy Celgene, in a deal that combined two of the biggest drug companies for treating cancer.
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