☰
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.
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...
Detroit-based American multinational automaker, General Motors, has reportedly pulled ahead of fellow American rival, Ford Motor, to establish itself as second-biggest seller of all-electric vehicles in the US during the first quarter of 2023. The...
McKinsey and Co. a consulting giant entity has decided to start cutting jobs in one of the biggest rounds of layoffs for the company. This is likely to eliminate the jobs of about 2000 employees from work. The layoffs will be focused on support st...
PayPal, the U.S.-based fintech giant, has reportedly announced that it will cut nearly 2000 jobs, approximately 7% of its workforce, as it turns the latest prominent tech company to shed staff in a bid to cut costs. The online payments provider cl...
© 2023 ReportsGO.com. All Rights Reserved.