Bristol Myers Squibb Begins a $13.1 Billion Purchase of MyoKardia

On Monday, Bristol Myers Squibb (NYSE: BMY) announced that it had agreed to acquire MyoKardia (NASDAQ: MYOK) for $13.1 billion in cash. It's offering $225 per share for Myokardia, a 61% premium to the stock's most recent closing price.

The deal, which is expected to close before the end of the year, will give Bristol the drug candidate mavacamten, a potential first-in-class treatment for hypertrophic cardiomyopathy (HCM), a rare and lethal disease. Although often undiagnosed, this chronic disorder threatens the lives of 0.2% of the population and there aren't any effective treatment options for it on the market.

Image source: Getty Images.

Continue reading

Source Fool.com