text: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured at the headquarters in Le Passage Reuters


© Reuters
Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured at the headquarters in Le Passage Reuters

  • Bristol-Myers Squibb said on Monday that it agreed to acquire MyoKardia for $13.1 billion in cash.
  • The deal will bolster Bristol-Myers’ cardiovascular franchise, as the acquisition gives the biotech company exposure to promising pipeline candidates for the treatment of hypertrophic cardiomyopathy, among others.
  • The deal is expected to close in the fourth quarter of 2020 and is expected to be accretive to non-GAAP earnings beginning in 2023, according to Bristol-Myers.
  • MyoKardia soared 59% in Monday trades.
  • Visit Business Insider’s homepage for more stories.

MyoKardia, a clinical-stage biotechnology company based in Brisbane, California, soared 59% on Monday after it was announced that Bristol-Myers Squibb had agreed to acquire the company for $13.1 billion in cash.

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MyoKardia has developed a pipeline of potential therapies to combat cardiovascular diseases, and announced in May that its experimental drug for obstructive hypertrophic cardiomyopathy, mavacamten, met all of its phase 3 primary and secondary endpoints. 

The deal has been approved by the boards of both companies and is expected to close in the fourth quarter of 2020. Bristol-Myers will fund the deal with a combination of cash and debt. 

Read More: MORGAN STANLEY: Buy these 16 stocks to cheaply invest in next-generation technologies and reap the future profits they generate.

Bristol-Myers said the acquisition would be accretive to its non-GAAP earnings in the beginning of 2023, as the company ramps up the commercialization of mavacamten. The company reaffirmed its 2021 non-GAAP earnings-per-share guidance.

Mavacamten is expected to be submitted to the FDA for approval in the first quarter of 2021. 

“The acquisition of MyoKardia further strengthens our portfolio, pipeline and scientific capabilities, and is expected to add a meaningful medium- and long-term growth driver,” Giovanni

HAMILTON, Bermuda, Oct. 1, 2020 /PRNewswire/ — White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it has entered into a definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings Ltd, the ultimate parent company of Ark Syndicate Management Limited.

Ark is a leading Lloyd’s platform well positioned to take advantage of the hardening market in property & casualty insurance.  Founded in 2007 by Ian Beaton and Nick Bonnar, Ark manages the underwriting of syndicates 4020 and 3902 at Lloyd’s. The syndicates underwrite a diversified and balanced portfolio of reinsurance and insurance, including property, accident & health, energy, marine and political risks.  Ark currently has approximately $500 million of stamp capacity.  With White Mountains’ capital, Ark plans to grow its business substantially by (i) increasing aligned capacity at its Lloyd’s syndicates to 100%, (ii) increasing overall stamp capacity, (iii) converting Ark’s existing Bermuda reinsurance entity into a Class 4 reinsurer and (iv) hiring talented underwriters in the London and Bermuda markets.

Manning Rountree, CEO of White Mountains, said “Ian, Nick and the rest of the Ark team have built a high-quality insurance business that puts underwriting first.  We are delighted to partner with them, and we are excited about the market opportunity in front of us.”

Ian Beaton, CEO of Ark, said “We are delighted to have found the right capital partner in White Mountains, an institution with a long track record of successful insurance partnerships.  We look forward to a fruitful relationship.”

White Mountains will contribute $605 million of equity capital to Ark, at a pre-money valuation of $300 million and will also purchase $41 million of shares from existing owners.  White Mountains will commit to contribute up to an additional $200 million of equity capital to Ark

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