Under the terms of the deal, Bristol Myers Squibb is paying $225 per share in cash for MyoKardia. The agreement has been unanimously approved by both companies’ boards of directors.
As part of the deal, Bristol Myers Squibb will pick up MyoKardia’s mavacamten, a possible first-in-class cardiovascular drug to treat obstructive hypertrophic cardiomyopathy (HCM). HCM is a chronic heart disease with high morbidity and impact on patients’ health. They expect to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in the first quarter of 2021. The NDA will be based on results from the EXPLORER-HCM clinical trial. Bristol Myers Squibb plans to continue the development of mavacamten for additional indications, including non-obstructive HCM.
In the EXPLORER-HCM trial, the drug met all primary and secondary endpoints, demonstrating meaningful improvement in symptoms, functional status and quality of life by decreasing the obstruction of blood flow from the heart. Bristol Myers Squibb’s own cardiovascular portfolio includes Eliquis (apixaban), which is the best-selling oral anticoagulant around the world. HCM affects up to about 200,000 people in the U.S. and Europe.
MyoKardia’s pipeline also includes two clinical-stage compounds, danicamtiv (formerly MYK-491) and MYK-224. Danicamtiv is being developed for systolic heart failure and MYK-224 for HCM.