Bristol Myers Squibb To Buy MyoKardia For $13.1 Bln In Cash - Quick Facts

(RTTNews) - Biopharmaceutical company Bristol-Myers Squibb Co. (BMY) announced Monday a definitive merger agreement to acquire MyoKardia for $13.1 billion, or $225.00 per share in cash.

The transaction was unanimously approved by both the Bristol Myers Squibb and MyoKardia Boards of Directors. The transaction is subject to customary closing conditions. The deal is anticipated to close during the fourth quarter of 2020.

MyoKardia is a clinical-stage biopharmaceutical company discovering and developing targeted therapies for the treatment of serious cardiovascular diseases.

Through the transaction, Bristol Myers Squibb gains mavacamten, a potential first-in-class cardiovascular medicine for the treatment of obstructive hypertrophic cardiomyopathy or HCM, a chronic heart disease with high morbidity and patient impact.

A New Drug Application for mavacamten for the treatment of symptomatic obstructive HCM - based on data from the EXPLORER-HCM study - is expected to be submitted to the U.S. Food and Drug Administration in the first quarter of 2021.

Bristol Myers Squibb expects 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.

The company expects the deal to add a significant growth driver during the medium- to long-term. It is expected to be minimally dilutive to Bristol Myers Squibb's non-GAAP earnings per share in 2021 and 2022 and accretive beginning in 2023.

Bristol Myers Squibb further reaffirmed its existing 2021 non-GAAP earnings per share guidance range.

Bristol Myers Squibb expects to finance the acquisition with a combination of cash and debt.