(RTTNews) – Bristol-Myers Squibb Co. (BMY) and private biotechnology company Cardioxyl Pharmaceuticals, Inc. Monday announced a definitive agreement by which Bristol-Myers Squibb will acquire Cardioxyl focused on innovative drugs for treatment of cardiovascular disease.
The transaction is expected to be dilutive to 2015 earnings per share by around 12 cents, with minimal dilution to adjusted earnings both in 2015 and 2016. The deal has been approved by the boards of directors of both companies.
As per the agreement, Bristol-Myers Squibb will get full rights of Cardioxyl’s lead asset CXL-1427 in Phase 2 clinical development as an intravenous treatment for acute decompensated heart failure. The transaction includes upfront and near-term milestone payments of up to $300 million and potential additional consideration of up to $1.775 billion upon the achievement certain milestones.
CXL-1427 releases nitroxyl, a molecule that has demonstrated beneficial effects on heart muscle and vascular function and it help increase the heart muscle contraction and relaxation without increasing heart rate or the demand for oxygen.
The transaction is expected to close during the fourth quarter of 2015 on customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
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