Bristol Myers Squibb agrees $13 billion deal to acquire MyoKardia
pharmafile | October 6, 2020 | News story | Manufacturing and Production | BSM, FDA, MyoKardia
Bristol Myers Squibb (BMS) is to purchase MyoKardia for $13 billion to boost its heart disease treatments portfolio.
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, and 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.
David Nierengarten, an analyst from Wedbush, told Reuters: “I think it is a typical acquisition premium for our sales expectations for mavacamten as we had estimates in the initial indication of obstructive hypertrophic cardiomyopathy (HCM) of about $2.5 billion by 2026.”
The deal will help BSM move away from its reliance on cancer drugs, and boost its existing range of heart disease drugs. It currently sells the blood-thinner Elquis 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 BSM’s 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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