Bristol Myers Squibb (BMS) has completed its acquisition of clinical-stage biopharma firm MyoKardia in an all-cash transaction for $13.1bn.
Last month, BMS signed a definitive merger agreement to purchase all the outstanding shares of MyoKardia’s common stock for $225 a share.
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With the closing of the deal, MyoKardia is now a wholly owned subsidiary of BMS.
In addition, BMS has secured MyoKardia’s cardiovascular drug, mavacamten, which can potentially treat obstructive hypertrophic cardiomyopathy (HCM).
HCM is a chronic heart disease characterised by excessive contraction of the heart muscle and reduced ability of the left ventricle to fill, resulting in debilitating symptoms and cardiac dysfunction.
BMS will submit a new drug application (NDA) to the US Food and Drug Administration (FDA) in the first quarter of next year for the use of mavacamten in treating symptomatic HCM.
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By GlobalDataThe submission will be based on results from the EXPLORER-HCM study.
The company plans to investigate the full potential of mavacamten in additional indications such as non-obstructive HCM.
Bristol Myers Squibb board chair and CEO Giovanni Caforio 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.
“Cardiovascular remains an important therapeutic area for Bristol Myers Squibb with a strong legacy and a promising future.”
BMS will also develop MyoKardia’s pipeline of novel compounds that includes two clinical-stage therapeutics, namely danicamtiv and MYK-224, and two pre-clinical assets, ACT-1 and LUS-1.
