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Monday, October 5, 2020

-=MyoKardia (MYOK) to be acquired by Bristol Myers Squibb (BMY) for $225.00/share

  • In November, Bristol Myers completed its $74 billion acquisition of Celgene. 

 MyoKardia to be acquired by Bristol Myers Squibb (BMY) for $13.1 billion or $225.00/share in cash 

Bristol Myers Squibb (BMY) early Monday announced an agreement to buy MyoKardia (MYOK) for $13.1 billion, adding to its portfolio of heart disease treatments. BMY stock slipped on the news, while MYOK stock soared.

The purchase price comes to $225 per share. That's a more than 60% premium to MYOK's closing price of 139.60 on Friday. MYOK stock has been trading near record highs.

Bristol Myers Squibb said the deal gives them MyoKardia's mavacamten, a potential first-in-class cardiovascular medicine for the treatment of obstructive HCM, or hypertrophic cardiomyopathy. HCM is a chronic heart disease with high morbidity and patient impact, the companies said.

In their news release, the companies said they expect to file a New Drug Application for mavacamten in first-quarter 2021. Bristol Myers Squibb also said it expects the therapy will have other applications and also praised "MyoKardia's promising pipeline of novel compounds."

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