a cellphone on a table: Bristol-Myers (BMY) logo at the top of a cellphone.

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Bristol-Myers (BMY) logo at the top of a cellphone.

Shares of MyoKardia (NASDAQ:MYOK) stock are soaring on Monday after a major deal with another pharmaceutical company.

a close up of a cell phone: Bristol-Myers (BMY) logo at the top of a cellphone.

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Bristol-Myers (BMY) logo at the top of a cellphone.

Bristol Myers Squibb (NYSE:BMY) announced that it is acquiring MyoKardia for $13.1 billion, or $225 per share, in cash. MyoKardia is a biopharmaceutical company that discovers and develops specific therapies in order to treat serious cardiovascular diseases.

That said, the major asset in this acquisition is mavacamten. It is a possible top-of-the-line cardiovascular medicine for treating people with obstructive hypertrophic cardiomyopathy.

Tassos Gianakakos, CEO of MyoKardia, had this to say about the deal with Bristol Myers Squibb:

“Bristol Myers Squibb shares our vision for transforming the treatment of cardiovascular disease. They value our team and the potential of our platform and,

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Bristol Myers Squibb Co.

said it will buy biotech

MyoKardia Inc.

MYOK 57.80%

in a $13.1 billion deal aimed at expanding the cancer-drug powerhouse’s lineup of heart drugs.

The all-cash deal would snag MyoKardia’s promising experimental heart drug, which if approved would allow Bristol to lessen its reliance on cancer therapies—heavier since the company’s $74 billion acquisition of multiple-myeloma drug leader Celgene Corp. last year.

Under the terms, Bristol will pay $225 a share for MyoKardia, a premium of 61% to the stock’s closing price of $139.60 on Friday.

MyoKardia’s lead pipeline drug, code-named mavacamten, treats a chronic heart condition that can cause irregular heart rhythms in some patients and even death.

Bristol plans to ask U.S. health regulators next year to approve the drug, Bristol Chief Executive Giovanni Caforio said. With the acquisition, the company is betting the drug will be cleared and will bolster the company’s portfolio of

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Bristol Myers Squibb’s stock (NYSE: BMY) gained almost 30% – increasing from $46 levels on March 23 when markets made a bottom, to around $60 now, underperforming the S&P500, which grew 54%. Why? Pharmaceutical companies, such as Bristol Myers Squibb are not immune to the current crisis. The spread of coronavirus has meant increased social distancing, deferment of elective surgeries, and fewer visits to doctors, impacting the overall pharmaceutical sales. That said, economies are gradually opening up. While the Covid-19 outbreak and associated lockdowns resulted in an uncertain outlook for the broader markets, the multi-billion-dollar Fed stimulus announced in late March helped the markets

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