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Bristol Myers Squibb (NYSE:BMY) to acquire MyoKardia, Inc. (MYOK) for $13.1 billion, or $225.00 per share in cash. The merger agreement was approved by the Boards of Directors of both companies and is expected to close during the fourth quarter of 2020.
Bristol Myers Squibb gets mavacamten, a potential first-in-class cardiovascular medicine for the treatment of obstructive hypertrophic cardiomyopathy, a chronic heart disease with high morbidity and patient impact by this merger agreement.
In the first quarter of 2021, A New Drug Application for mavacamten for the treatment of symptomatic obstructive HCM is anticipated to be submitted to the U.S. Food and Drug Administration. – based on data from the EXPLORER-HCM study.
Bristol Myers Squibb anticipates to explore the full potential of mavacamten in additional indications, including non-obstructive HCM, as well as develop MyoKardia’s promising pipeline of novel compounds, including two clinical-stage therapeutics: danicamtiv (formerly MYK-491) and MYK-224.
According to merger agreement, a subsidiary of Bristol Myers Squibb will quickly begin a tender offer to purchase all of the outstanding shares of MyoKardia’s common stock for $225.00 per share in cash. MyoKardia’s Board of Directors unanimously suggests that MyoKardia shareholders tender their shares in the tender offer.
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, Bristol Myers Squibb will purchase 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.
Bristol Myers Squibb anticipates to finance the acquisition with a combination of cash and debt.