Bristol Myers Squibb on Oct. 5 inked a $13.1 billion deal to buy Brisbane, Calif.-based drugmaker MyoKardia, aiming to diversify its drug portfolio beyond oncology medicines.
The New York City pharma giant will gain MyoKardia's mavacamten, an experimental heart drug that treats obstructive hypertrophic cardiomyopathy. The treatment has not been approved by the FDA yet.
"We are further strengthening our outstanding cardiovascular franchise through the addition of mavacamten, a promising medicine with the potential to address a significant unmet medical need in patients with cardiovascular disease," Bristol Myers Squibb CEO Giovanni Caforio, MD, said in a news release.
Under the deal, Bristol Myers Squibb will pay MyoKardia $225 a share in cash.