Pharmaceutical company Bristol will buy MyoKardia for $ 13.1 billion

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Pharmaceutical company Bristol will buy MyoKardia for $ 13.1 billion

07.10.2020 News

The American pharmaceutical company Bristol-Myers Squibb announced that it will buy biotech MyoKardia for $ 13.1 billion. Quotes of the MyoKardia at the previous trading increased by 59%.

Bristol will pay $ 225 for each share of the MyoKardia, corresponding to 61% premium to the value of the company’s securities at the close of trading on Friday ($ 139.6 per piece).

The agreement will allow for the Bristol to gain the control of the experimental drug MyoKardia for heart disease, which, if approved, will give the company the opportunity to reduce its dependence on the cancer therapy. Drugs in this area accounted for more than $ 16 billion of the approximately $ 20 billion in the revenue that Bristol received in the first half of this year.

Mavacamten drug treats the chronic heart disease, which can lead to the heart of the rhythm disturbances in some patients and even to the death.

Sales of the drug in the world may exceed $ 1.5 billion by 2025, writes The Wall Street Journal with the reference to the forecast of analysts BMO Capital Markets.

Bristol plans to get the approval for the use of the drug from the US health regulators next year, said the head of the company Giovanni Caforio. Bristol is counting on its approval with the acquisition of the MyoKardia, which will allow it to expand its portfolio of the heart disease drugs.

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