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Bristol Myers Snaps Up MyoKardia For $225/Share

bristolmyers aug06 05oct20 lt

Bristol Myers Squibb (BMY) has agreed to acquire MyoKardia Inc. (MYOK) for $13.1 billion, or $225.00 per share in cash.

MyoKardia is a clinical-stage biopharmaceutical company developing targeted therapies for the treatment of serious cardiovascular diseases. The company's lead candidate is Mavacamten, which successfully completed a phase III trial in obstructive hypertrophic cardiomyopathy recently. A New Drug Application for Mavacamten in the treatment of obstructive hypertrophic cardiomyopathy is expected to be submitted to the FDA in the first quarter of 2021.

We had alerted our premium subscribers to MYOK on April 5, 2017, when it was trading around $12. (Report titled "Can the pioneer win investors' hearts?")

The acquisition of MyoKardia is expected to strengthen and extend Bristol Myers Squibb's cardiovascular franchise. The deal, which is expected to be accretive to Bristol Myers' non-GAAP earnings starting in 2023, is scheduled to close during the fourth quarter of 2020.

MYOK closed Friday's trading at $139.60, down 0.36%. In pre-market hours Monday, the stock is up 58.17% at $220.80.

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