Bristol Myers Squibb to acquire MyoKardia for access to CVD treatment
Category: #health  | By Nikita Chaurasia  | Date: 2020-10-07 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Bristol Myers Squibb to acquire MyoKardia for access to CVD treatment

 

  • BMS intends to acquire the biotech firm for USD 13 billion.
  • The potential drug of MyoKardia will be sent for FDA approval during Q1 of 2021.

Bristol Myers Squibb (BMS), an American pharmaceutical company, reportedly announced its plans to acquire MyoKardia Inc., a clinical-stage biotechnology firm.

Sources close to the matter stated that BMS intends to acquire the biotech firm owing to its innovative approach for treating cardiovascular diseases. Bristol Myers revealed that it would allot USD 13 billion for MyoKardia’s acquisition.

Giovanni Caforio, CEO of BMS, reportedly said that MyoKardia’s innovative approach for cardiovascular disease treatment makes it an important firm in the pharmaceutical sector. He further added that mavacamten, which is a potentially a groundbreaking drug for the treatment of the severe obstructive HCM condition, is the lead asset for MyoKardia.

For those unfamiliar, hypertrophic cardiomyopathy, or obstructive HCM, is a chronic heart condition which has a high morbidity. The disorder is most often seen in individuals in the age group of 40-50, and only one in four individuals with obstructive HCM have been diagnosed.

In this context, MyoKardia has developed potential therapies to fight cardiovascular disorders and claims that its experimental medicine, mavacamten, for treating obstructive hypertrophic cardiomyopathy has met all its phase three primary and secondary endpoints.

In fact, the company expects to send the experimental mavacamten for approval by the Food and Drug Administration (FDA) and is likely to be a long-term growth driver for the biotech firm.

Reportedly, Bristol-Myers Squibb’s stock during Monday's session increased by 1% to USD 59.20. However, the company's shares are down more than 7 percent as of 2020 and expects MyoKardia to raise profits by the year 2023, sources claimed.

Meanwhile, MyoKardia stock prices soared by 59% and ended nearly five points from the USD 225 bid price of Bristol Myers after the announcement of its acquisition by BMS.

Source- https://www.cnbc.com/2020/10/05/bristol-myers-ceo-a-potentially-revolutionary-drug-in-myokardia-deal.html

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

UAE: Entrepreneurs and investors can benefit from visa reforms

UAE: Entrepreneurs and investors can benefit from visa reforms

By Nikita Chaurasia

The visa and business reforms by the UAE will open new prospects for investors, entrepreneurs, IT specialists, job seekers, and tourists, according to credible sources. This will reportedly benefit the region’s economic growth. Business Link...

Flipkart introduces new tech and design upgrades ahead of holiday season

Flipkart introduces new tech and design upgrades ahead of holiday season

By Nikita Chaurasia

Flipkart, India's indigenous online marketplace, is reportedly offering customers an improved shopping experience on its widely popular app. To better serve various client groups that are exploring e-commerce during the holiday season, Flipkar...

Pure Health invests $500M in Ardent to expand the company footprint

Pure Health invests $500M in Ardent to expand the company footprint

By Nikita Chaurasia

Pure Health, an integrated healthcare solutions platform, publicized its plans to procure a minority equity share in Ardent Health Services, one of the leading US-based healthcare companies, with an investment of $500 million. According to credibl...