World News – US – Bristol Myers completes $ 13 billion MyoKardia buyout

Bristol Myers Squibb has reached a deal to acquire MyoKardia for $ 13 1 billion The all-cash takeover will see Bristol Myers pay a 61% premium over MyoKardia's closing price on Friday to secure a heart disease drug that's on the market point to be submitted for approval

CAMEROON MAGAZINE - GM05/10/20202 Mins read130 Views

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Bristol Myers Squibb has reached deal to acquire MyoKardia for $ 13.1 billion The all-cash takeover will see Bristol Myers pay a 61% premium over MyoKardia’s closing price on Friday to secure a heart disease drug that is about to be tabled for approval

MyoKardia got on track for an approval filing in May when it presented phase 3 data on the myosin inhibitor mavacamten in hypertrophic obstructive cardiomyopathy (HCM), a disease that may lead to cardiac dysfunction Subsequent more detailed analysis revealed that there were twice as many responders in the mavacamten arm as in the placebo cohort

The data convinced Bristol Myers that mavacamten is a worthy addition to a cardiovascular portfolio led by the oral anticoagulant Eliquis Bristol Myers’ willingness to pay a high premium to buy MyoKardia reflects the belief that mavacamten can be a driver of significant growth in the medium and long term

MyoKardia planning to file for FDA approval for mavacamten in Q1 2021, drug may start generating sales fairly quickly Opportunity size will grow as Bristol Myers collaborates with MyoKardia to extend the use of mavacamten beyond obstructive HCM

Bristol Myers sees possibility of developing mavacamten in nonobstructive HCM and other indications In explaining how he plans to seize opportunities Bristol Myers underlined the value of the talent and abilities he acquires from MyoKardia The Merged Company will also advance MyoKardia’s two other clinical candidates, MYK-491 and MYK-224, as well as earlier stage assets

Sanofi injected $ 230 million into the development of mavacamten and MYK-491 from 2014 to 2018, to let its agreement expire at the end of this period MyoKardia then bought back US royalty rights from Sanofi for $ 80 million in July 2019, severing the remaining links of the French pharmacy with its two drugs

Bristol Myers, with the benefit of seeing Phase 3 data released after the Sanofi split, placed a much higher value on MyoKardia and its programs The assessment is supported by the potential for MyoKardia to » have a successful market on its own The FDA has yet to approve a treatment for HCM, and there is little chance that another company will overtake MyoKardia, with an academic phase 2 of Novartis Entresto and a phase 1 of the Celltrion’s CT-G20, the next most advanced programs

To pay the deal, Bristol Myers will use some of the $ 20 billion in cash and cash equivalents it had at the end of June The growing size of the cash stack has caught the attention of analysts, who asked Bristol Myers about its use of capital during a quarterly earnings conference call in August Bristol Myers CEO Giovanni Caforio said the company was « very active » in seeking buyout targets

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