Post by jarhead on Oct 5, 2020 10:48:19 GMT
MyoKardia's stock soars toward a record after $13 billion buyout deal with Bristol Myers
Published: Oct. 5, 2020 at 6:36 a.m. ET
By Tomi Kilgore
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MYOK
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Shares of MyoKardia Inc. MYOK, -0.36% soared 57% toward a record high in premarket trading Monday, after the biotechnology company confirmed that it agreed to be bought out by Bristol Myers Squibb Co. BMY, -1.83% in a deal valued at $13.1 billion in cash. Bristol Myers' stock slipped 0.5% ahead of the open. The deal values MyoKardia shares at $225 each, which is 61.2% above Friday's stock closing price of $139.60, which was just below Thursday's record close of $140.11. MyoKardia's lead pipeline drug mavacamten treats symptomatic obstructive hypertrophic cardiomyopathy. The deal is expected to "minimally" dilute Bristol Myers' adjusted earnings in 2021 and 2022 and start adding to earnings beginning 2023. The deal comes in the wake of Bristol Myers' $74 billion buyout deal for Celgene Corp. celg last year. MyoKardia's stock has nearly doubled (up 91.5%) year to date through Friday, while Bristol Myers shares have dropped 8.5% and the S&P 500 SPX, -0.95% has gained 3.6%.
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Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @tomikilgore.
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You are approaching your article limit. Get unlimited access.MyoKardia's stock soars toward a record after $13 billion buyout deal with Bristol Myers
Published: Oct. 5, 2020 at 6:36 a.m. ET
By Tomi Kilgore
0
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Referenced Symbols
MYOK
-0.36%
BMY
-1.83%
SPX
-0.95%
Shares of MyoKardia Inc. MYOK, -0.36% soared 57% toward a record high in premarket trading Monday, after the biotechnology company confirmed that it agreed to be bought out by Bristol Myers Squibb Co. BMY, -1.83% in a deal valued at $13.1 billion in cash. Bristol Myers' stock slipped 0.5% ahead of the open. The deal values MyoKardia shares at $225 each, which is 61.2% above Friday's stock closing price of $139.60, which was just below Thursday's record close of $140.11. MyoKardia's lead pipeline drug mavacamten treats symptomatic obstructive hypertrophic cardiomyopathy. The deal is expected to "minimally" dilute Bristol Myers' adjusted earnings in 2021 and 2022 and start adding to earnings beginning 2023. The deal comes in the wake of Bristol Myers' $74 billion buyout deal for Celgene Corp. celg last year. MyoKardia's stock has nearly doubled (up 91.5%) year to date through Friday, while Bristol Myers shares have dropped 8.5% and the S&P 500 SPX, -0.95% has gained 3.6%.
Published: Oct. 5, 2020 at 6:36 a.m. ET
By Tomi Kilgore
0
Email icon
Facebook icon
Twitter icon
Linkedin icon
Flipboard icon
Print icon
Resize icon
Referenced Symbols
MYOK
-0.36%
BMY
-1.83%
SPX
-0.95%
Shares of MyoKardia Inc. MYOK, -0.36% soared 57% toward a record high in premarket trading Monday, after the biotechnology company confirmed that it agreed to be bought out by Bristol Myers Squibb Co. BMY, -1.83% in a deal valued at $13.1 billion in cash. Bristol Myers' stock slipped 0.5% ahead of the open. The deal values MyoKardia shares at $225 each, which is 61.2% above Friday's stock closing price of $139.60, which was just below Thursday's record close of $140.11. MyoKardia's lead pipeline drug mavacamten treats symptomatic obstructive hypertrophic cardiomyopathy. The deal is expected to "minimally" dilute Bristol Myers' adjusted earnings in 2021 and 2022 and start adding to earnings beginning 2023. The deal comes in the wake of Bristol Myers' $74 billion buyout deal for Celgene Corp. celg last year. MyoKardia's stock has nearly doubled (up 91.5%) year to date through Friday, while Bristol Myers shares have dropped 8.5% and the S&P 500 SPX, -0.95% has gained 3.6%.
Read Next
Read full story
Barron's: Nvidia, Domino’s, Cisco, Levi’s, and Other Stocks for Investors to Watch This Week
Cisco, Nvidia, Levi Strauss, Paychex, Domino’s Pizza, and Lamb Weston report earnings this week. Plus, FOMC minutes, Jerome Powell speech, and more.
More On MarketWatch
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Trump physicians have administered a steroid used to treat severely ill COVID-19 patients
Coronavirus update: Expert calls for ‘radical transparency’ on Trump’s coronavirus treatment and progress as more in president’s circle test positive
Barron's: No Pension? No Problem. Here Are 3 Steps to Replicate a Retirement Paycheck.
About the Author
Tomi Kilgore
Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @tomikilgore.
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Read full story
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Read full story
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Read full story
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Intraday Data provided by FACTSET and subject to terms of use. Historical and current end-of-day data provided by FACTSET. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.
You are approaching your article limit. Get unlimited access.MyoKardia's stock soars toward a record after $13 billion buyout deal with Bristol Myers
Published: Oct. 5, 2020 at 6:36 a.m. ET
By Tomi Kilgore
0
Email icon
Facebook icon
Twitter icon
Linkedin icon
Flipboard icon
Print icon
Resize icon
Referenced Symbols
MYOK
-0.36%
BMY
-1.83%
SPX
-0.95%
Shares of MyoKardia Inc. MYOK, -0.36% soared 57% toward a record high in premarket trading Monday, after the biotechnology company confirmed that it agreed to be bought out by Bristol Myers Squibb Co. BMY, -1.83% in a deal valued at $13.1 billion in cash. Bristol Myers' stock slipped 0.5% ahead of the open. The deal values MyoKardia shares at $225 each, which is 61.2% above Friday's stock closing price of $139.60, which was just below Thursday's record close of $140.11. MyoKardia's lead pipeline drug mavacamten treats symptomatic obstructive hypertrophic cardiomyopathy. The deal is expected to "minimally" dilute Bristol Myers' adjusted earnings in 2021 and 2022 and start adding to earnings beginning 2023. The deal comes in the wake of Bristol Myers' $74 billion buyout deal for Celgene Corp. celg last year. MyoKardia's stock has nearly doubled (up 91.5%) year to date through Friday, while Bristol Myers shares have dropped 8.5% and the S&P 500 SPX, -0.95% has gained 3.6%.