(Reuters) – Bristol Myers Squibb Co
said on Monday it would buy MyoKardia Inc
for about $13 billion to bolster its portfolio of heart disease treatments, ahead of the potential loss of sales exclusivity of some of its blockbuster drugs.
The deal comes close on the heels of Bristol Myers’ $74 billion acquisition of Celgene last year, which was aimed at creating an oncology giant and shielding itself from fierce competition for its cancer immunotherapy, Opdivo, from Merck & Co’s
Shares of MyoKardia, which have nearly doubled in value this year, surged another 57.8% to $220.31, just shy of the offer of $225 per share.
The deal will also help Bristol Myers reduce some of its dependence on cancer drugs and give it access to Myokardia’s lead heart drug candidate with blockbuster potential, mavacamten, adding to its existing portfolio of heart drugs that includes blood thinner Eliquis.