Bristol Myers Squibb to acquire MyoKardia for $13.1bn: A strategic move to strengthen cardiovascular portfolio

Bristol Myers Squibb (BMS), a leading global biopharmaceutical company, has announced an agreement to acquire MyoKardia, a California-based clinical-stage biotechnology company, for $13.1 billion. This strategic acquisition, which will see BMS offer $225 per share in an all-cash transaction, is a significant step for the pharmaceutical giant in expanding its footprint in the cardiovascular medicine market. At the heart of this acquisition is MyoKardia’s promising cardiovascular drug candidate, mavacamten, which targets obstructive hypertrophic cardiomyopathy (HCM), a chronic heart disease that poses substantial health risks to patients.

Strengthening Bristol Myers Squibb’s Cardiovascular Portfolio

Giovanni Caforio, Chairman and CEO of Bristol Myers Squibb, emphasized the acquisition’s strategic importance for the company. In a statement, he highlighted that the addition of MyoKardia’s pipeline, including mavacamten, will significantly enhance BMS’s cardiovascular franchise, providing a robust growth driver for both the medium and long term. The drug, currently in clinical development, is expected to be a breakthrough treatment for patients suffering from obstructive HCM, a condition marked by the thickening of the heart muscle, leading to severe complications such as heart failure.

Caforio pointed out the shared commitment between BMS and MyoKardia to advancing innovation in cardiovascular care. “We have long admired MyoKardia and what they have done to revolutionize cardiovascular treatments through a precision medicine approach,” Caforio stated. This partnership signals BMS’s continued focus on strengthening its scientific capabilities and broadening its therapeutic offerings.

The Potential of Mavacamten and MyoKardia’s Pipeline

Mavacamten, MyoKardia’s lead drug candidate, has shown significant promise in treating symptomatic obstructive HCM. The drug is currently undergoing evaluation in clinical trials, with the company planning to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in the first quarter of 2021. The NDA will be based on data from the EXPLORER-HCM study, a pivotal trial demonstrating mavacamten’s ability to improve heart function and alleviate symptoms in patients with HCM.

In addition to mavacamten, Bristol Myers Squibb plans to explore the full potential of MyoKardia’s pipeline. This includes novel therapeutic candidates such as danicamtiv (formerly MYK-491) and MYK-224, both of which are in clinical development for the treatment of other cardiovascular conditions. BMS’s leadership in drug development, combined with MyoKardia’s innovative platform, sets the stage for accelerated advancements in the treatment of cardiovascular diseases.

A Vision for Transforming Cardiovascular Treatment

Tassos Gianakakos, CEO of MyoKardia, expressed excitement about the partnership, emphasizing the shared vision of both companies to transform cardiovascular disease treatment. “Together, our complementary strengths and expanded resources and reach will further accelerate the pace at which we can discover, develop, and commercialize our novel medicines,” Gianakakos said. This collaboration, he added, will benefit patients worldwide by improving access to life-changing therapies.

As part of the acquisition, BMS will also gain access to MyoKardia’s proprietary platform, which focuses on precision medicine—a growing field that tailors treatments based on individual patient profiles. By leveraging this platform, BMS aims to further enhance its ability to address unmet medical needs in cardiovascular care.

Strategic Significance in the Context of BMS’s Recent Growth

The acquisition of MyoKardia is the latest in a series of strategic moves by Bristol Myers Squibb to strengthen its market position. In late 2019, BMS completed the $74 billion acquisition of Celgene, a deal that significantly expanded its oncology portfolio. This acquisition of MyoKardia further consolidates BMS’s position in the therapeutic area of cardiovascular disease, marking a key milestone in the company’s broader strategy to diversify and innovate its product offerings.

The deal, which is subject to customary closing conditions, is expected to be finalized in the fourth quarter of 2020. Upon completion, BMS will be well-positioned to capitalize on the growing demand for innovative cardiovascular treatments and to expand its leadership in the global pharmaceutical market.

A New Era for Cardiovascular Innovation

Bristol Myers Squibb’s acquisition of MyoKardia represents a significant leap forward in the pharmaceutical company’s drive to become a leader in cardiovascular care. With the addition of mavacamten and MyoKardia’s promising pipeline, BMS is poised to address a substantial unmet need in the treatment of obstructive HCM and other heart diseases. This acquisition underscores BMS’s commitment to advancing science and innovation, placing it in a strong position to impact the future of cardiovascular medicine.