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MYOK - MyoKardia Inc News Story

$224.91 0.0  0.0%

Last Trade - 16/11/20

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BREAKINGVIEWS-Bristol Myers pays hearty price for cancer hedge

Mon 5th October, 2020 2:39pm
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Robert Cyran NEW YORK, Oct 5 (Reuters Breakingviews) - The $132 bln drugmaker’s Celgene mega-deal last year left it dependent on cancer treatments and vulnerable to generic competition and the whims of governments. Paying $13 bln for revenue-free MyoKardia offers some political and patent protection – but it costs an arm and a leg. Full view will be published shortly. On Twitter CONTEXT NEWS - Bristol Myers Squibb said on Oct. 5 it would acquire MyoKardia for $13.1 billion, or $225 a share in cash. That represents a premium of 61% to the closing price on Oct. 2, the last day of trading before the deal was announced. Bristol Myers will pay with cash on hand and debt. - MyoKardia does not have any approved drugs, but it expects to file for approval in early 2021 for mavacamten, a treatment for obstructive hypertrophic cardiomyopathy, a chronic heart disease that has been diagnosed in up to 200,000 symptomatic people in America and Europe. - Bristol Myers says it will develop mavacamten for other indications, and other drugs in MyoKardia’s pipeline. - Last year, Bristol Myers paid $74 billion to buy Celgene, in deal which combined two of the biggest drug companies for treating cancer. - For previous columns by the author, Reuters customers can click on CYRAN/ - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Bristol Myers to buy heart drug developer MyoKardia for about $13 bln*:nL4N2GW1VZ Company statement ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Rob Cox and Amanda Gomez) ((; Reuters Messaging:
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