Bristol-Myers Bets $2B on Cardioxyl's Heart Failure Therapy
Monday, November 2, 2015
Bristol-Myers Squibb ($BMY) is acquiring private biotech Cardioxyl Pharmaceuticals in a deal that could be worth more than $2 billion, bringing in a Phase II treatment for heart failure.
Under the deal, Bristol-Myers is paying $300 million up front for Cardioxyl and promising the company as much as $1.8 billion more tied to development, regulatory and sales milestones. The big target is the intravenous CXL-1427, which transforms into the compound nitroxyl once in the body and boosts heart muscle and vascular function, according to Cardioxyl. In early-stage studies, the drug did its job without raising patients' heart rates, the company said, potentially differentiating it from other heart failure therapies already on the market.