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MYOK - MyoKardia Inc News Story

$224.91 0.0  0.0%

Last Trade - 16/11/20

Sector
Healthcare
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 6858

BUZZ-Street View: MyoKardia acquisition brings strategic fit to Bristol Myers Squibb

Tue 6th October, 2020 10:07am
** Drugmaker Bristol Myers Squibb Co  BMY.N  said on Monday
it would buy MyoKardia Inc  MYOK.O  for about $13 bln to bolster
its portfolio of heart disease treatments, ahead of the
potential loss of sales exclusivity of some of its blockbuster
drugs  urn:newsml:reuters.com:*:nL4N2GW1VZ
    
    MAVACAMTEN TO BRING OPPORTUNITY FOR BMY
    ** Credit Suisse downgrades MYOK to "neutral" and raises PT
to $225 from $136 and believes MYOK acquisition provides a
strong strategic fit for BMY, bolstering its cardiovascular
franchise
    ** Brokerage believes the deal terms reflect substantial
value for MYOK's lead heart drug candidate, Mavacamten, and
other pipeline assets, including genetic dilated cardiomyopathy
drug Danicamtiv 
    ** J.P.Morgan also downgrades MYOK to "neutral" and raises
PT to $225 from $131, says while the acquisition comes at a
premium, Mavacamten represents a potential multi-billion annual
sales opportunity for BMY
    ** Brokerage sees the potential for BMY to expand the
diagnosed patient market over time; says the MYOK deal is
expected to be modestly dilutive to 2021 and accretive beginning
in 2023 for BMY
    ** Cowen and Company says BMY's acquisition of MYOK bolsters
an area of existing strength with promising cardiovascular (CV)
assets, but adds clinical and regulatory risk at a steep price
    ** Morningstar says the $13.1 bln price looks reasonable and
MYOK's Mavacamten will likely help BMY to navigate the heavy
patent losses over the next few years

 (Reporting by Aniruddha Chakrabarty)
 ((aniruddha.c.thomsonreuters.com@reuters.net))
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