Bristol-Myers Squibb to acquire MyoKardia in $13.1bn deal
US pharmaceutical giant Bristol-Myers Squibb has agreed to acquire drugmaker MyoKardia for $13.1bn as part of an effort to expand its portfolio of cardiovascular drugs.
Bristol-Myers Squibb will pay $225 per share for MyoKardia, a more than 60% premium to the stock's closing price on Friday, and noted that it would finance the deal throughout a combination of cash and debt.
The New York-based group said MyoKardia's drug mavacamten represented a "promising medicine with the potential to address a significant unmet medical need in patients with cardiovascular disease".
Bristol-Myers Squibb added that the acquisition of MyoKardia, which expects to apply for approval for mavacamten early in 2021, would be "minimally dilutive" to earnings per share in 2021 and 2022 and stated it would start adding to earnings in 2023.
Chief executive Giovanni Caforio said: "The acquisition of MyoKardia further strengthens our portfolio, pipeline and scientific capabilities, and is expected to add a meaningful medium- and long-term growth driver."
As of 1320 BST, Bristol-Myers Squibb shares were down 0.72% in pre-market trading at $58.30 each, while MyoKardia shares had surged 57.95% ahead of the bell to $80.90 each.