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Bristol Myers Squibb completes $13.1 billion acquisition of MyoKardia

Published on 18/11/20 at 12:42pm
Photo by Rept0n1x

Bristol Myers Squibb has announced that its acquisition of MyoKardia has been completed, with the transaction worth a total of $13.1 billion.

The deal will give BMS access to MyoKardia’s drugs including mavacamten, which produced promising results earlier this year in patients suffering from hypertrophic cardiomyopathy. It could get FDA approval as soon as 2021 as the company is set to submit a New Drug Application in the first quarter of next year. 

If approved, it would be the first drug aimed specifically for the condition, which affects one in every 500 people globally. Analysts project it could reach peak sales above $2 billion. 

Giovanni Caforio, BMS’ Chief Executive Officer, said: “With MyoKardia, we are bolstering our leading cardiovascular franchise and adding exceptional scientific capabilities, a potentially transformative new medicine with significant commercial potential and a promising pipeline of candidates.”

The deal will help BMS move away from its reliance on cancer drugs, and boost its existing range of heart disease drugs. It currently sells the blood-thinner Eliquis with Pfizer, which made up 21% of the company’s total sales in the latest quarter. Shares of MyoKardia surged 58.5% to $221.25 due to the news. 

This acquisition follows BMS’ purchase of Celgene in 2019, which gave the company access to the blood cancer drug Revlimid. Last month, the National Institute for Health and Care Excellence rejected the drug for the maintenance of newly diagnosed multiple myeloma in adult patients who have received an autologous stem cell transplant on the NHS in England and Wales.

Conor Kavanagh

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