American pharmaceutical giant Bristol Myers Squibb has agreed to buy MyoKardia for $13 billion. The latter is a clinical-stage biopharmaceutical company discovering and developing targeted therapies for the treatment of serious cardiovascular diseases.
This deal is the first major deal for Bristol Myers after its acquisition of Celgene for $74 billion last year. The key driver of the acquisition is a drug that MyoKrdia currently has under development called Mavacamten. The company is on track to apply for approval of the drug, which treats a rare yet fatal heart disease, in the first quarter of next year.
According to Bristol Myers, MyoKardia is expected to add to their earnings beginning in 2023. The deal was approved unanimously by the boards of both companies and is expected to close by the end of fourth quarter.