Bristol-Myers to snatch Cardioxyl for $2B, aiming for a novel heart failure med
- Bristol-Myers Squibb (BMS) is acquiring biotech company Cardioxyl for $2 billion. The point of the acquisition is to strengthen BMS' heart failure pipeline.
- The lead candidate is CXL-1427, a novel nitroxyl donor (prodrug) in phase 2 development for treatment of acute decompensated heart failure (ADHF).
- The deal is structured so that BMS will pay $300 million upfront, with potential downstream milestone payments totaling $1.775 billion.
The exciting thing about this deal is the fact that CXL-1427 has a completely novel mode of action (MOA), which works by releasing nitroxyl. Nitroxyl, which is known to have positive effects on heart muscle and vascular function, facilitates the efficacy of the drug in treating ADHF, while not increasing heart rate or oxygen consumption—the two major adverse effects associated with current ADHF therapies.
These adverse events are linked with increased morbidity and mortality. Assuming that the drug is approved, BMS will be introducing a first-in-class drug into the cardiovascular arena—an area where innovation is sorely needed.