BMY - Bristol Myers Squibb to acquire Myokardia for $13.1B in cash

Bristol Myers Squibb (BMY) accelerates the expansion of its cardiovascular portfolio by acquiring MyoKardia (MYOK) for $13.1B, or $225/share in cash.The company expects to finance the acquisition with a combination of cash and debt and anticipates its closing during 4Q20. “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,” said Giovanni Caforio, M.D., Board Chair and Chief Executive Officer of Bristol Myers Squibb. “We are further strengthening our outstanding cardiovascular franchise through the addition of mavacamten, a promising medicine with the potential to address a significant unmet medical need in patients with cardiovascular disease.”The transaction is expected to be minimally dilutive to company’s non-GAAP EPS in 2021 and 2022 and accretive beginning in 2023. Bristol Myers Squibb reaffirms its existing 2021 non-GAAP EPS guidance range.MYOK +59% premarket.Also read: 'Bristol Myers Squibb receives FDA approval for immunotherapy combo.'

For further details see:

Bristol Myers Squibb to acquire Myokardia for $13.1B in cash