Bristol Myers Squibb will pay a $13.1 billion in merger agreement with Myokardia, according to press release. The deal was approved by Board of Directors of the two companies and will close in Q3 2020.
- Bristol Myers to gain mavacamten, a potential first-in-class cardiovascular medicine for obstructive hypertrophic cardiomyopathy (“HCM”) treatment through the deal.
- Mavacamten to become a significant medium- and long-term growth driver due to unmet medical need in obstructive HCM
- Transaction to accelerate Bristol Myers expansion in cardiovascular portfolio
- Transaction expected to be minimally dilutive to Bristol’s non-GAAP earnings per share in 2021 and 2022 and accretive in 2023.
- A Bristol Myers subsidiary to commence a tender offer to acquire outstanding shares of MyoKardia’s common stock in cash at $225.00 per share.
- Bristol Myers to finance the acquisition with a combination of cash and debt.
Bristol Myers Squibb stock weakening on the proposed merger as Myocardia gains. MYOK: NASDAQ is up 58.17%, BMY: NYSE is down 0.17%