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Bristol-Myers to Buy Heart Drug-Maker for $13 Billion (1)

Oct. 5, 2020, 11:23 AM

Bristol-Myers Squibb Co. will buy MyoKardia Inc. for $13.1 billion in cash in a deal to expand its offering of heart drugs.

Bristol-Myers will pay $225 a share, according to a statement Monday from the companies, a premium of 61% over the stock’s Friday closing price. MyoKardia rose 59% in premarket U.S. trading.

With the purchase, Bristol-Myers gets access to MyoKardia’s lead product mavacamten, an experimental drug that treats obstructive hypertrophic cardiomyopathy. Expanding Bristol-Myers’s lineup of heart drugs would help the maker of Opdivo for cancer diversify beyond oncology, an area where much of the industry has focused in recent ...