Bristol-Myers Squibb to purchase Cardioxyl Pharmaceuticals

Bristol-Myers Squibb has announced the acquisition of the private biotechnology company Cardioxyl Pharmaceuticals.

Focused on the discovery and development of novel therapeutic agents for the treatment of cardiovascular disease, the purchase of Cardioxyl will strengthen Bristol-Myers Squibb's pipeline and strategic focus on heart failure.

As part of the deal, Bristol-Myers Squibb will gain full rights to Cardioxyl's lead asset CXL-1427, a novel nitroxyl donor therapy in phase II 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 (194.49 million pounds) and potential additional milestone-based fees of up to $1.775 billion.

Francis Cuss, executive vice-president and chief scientific officer at Bristol-Myers Squibb, said: "The acquisition of Cardioxyl strengthens Bristol-Myers Squibb's heart failure pipeline with a phase II asset that has the potential to change the course of the disease, rather than simply treating the symptoms."

This comes after the firm recently negotiated an exclusive right to acquire Promedior and gain worldwide rights to its lead asset PRM-151.