Daily Management Review

Bristol Myers Squibb to buy biotech company MyoKardia for $13,1B


US pharmaceutical company Bristol Myers Squibb has agreed to purchase biotechnology company MyoKardia for $13.1 billion, Bristol-Myers reports.

A 4 via flickr
A 4 via flickr
Under the terms of the agreement, Bristol Myers Squibb will pay $225 for each share of MyoKardia, the payment will be made in cash. The deal has been approved by the boards of directors of both companies, and its completion is expected in the fourth quarter of 2020.

MyoKardia is a biotechnology company that develops targeted treatments for serious cardiovascular diseases. "As a result of the deal, Bristol Myers Squibb will acquire the rights to mavacamten, possibly the first cardiovascular drug of its kind to treat obstructive hypertrophic cardiomyopathy (HCMP), a severe chronic heart condition," the release notes.

Stocks of MyoKardia rose by 59% during the preliminary trading in the U.S., the price of Bristol Myers Squibb securities is reduced by 0.6%.

Bristol Myers Squibb is an American pharmaceutical company headquartered in New York City. It produces prescription pharmaceuticals and biologics in several fields. It was founded in 1887.

source: bloomberg.com