Bristol Myers Squibb (NYSE: BMY) announced that it will buy MyoKardia Inc. (NASDAQ: MYOK) for $13.1 billion or $225 per share in cash. The pharma giant is hoping that the acquisition will expand its offering of cardio therapies.
The Board of Directors of both pharmaceutical companies approved the transaction, which is expected to close in the fourth quarter of 2020.
Last year, Bristol Myers closed the largest pharmaceutical deal in history with its acquisition of Celgene for $74 billion.
The pharma giant’s $225 per share acquisition price of Myoardia represents a 61% percent premium over its closing price on Friday.
MyoKardia is a clinical-stage biopharmaceutical company discovering and developing targeted therapies for the treatment of serious cardiovascular diseases.
The deal will give Bristol Myers access to MyoKardia’s lead product mavacamten, an experimental drug that treats obstructive hypertrophic cardiomyopathy (HCM), a disorder in which the heart muscle becomes abnormally thick.
