Fenwick & West acted as IP counsel for Cardioxyl Pharmaceuticals, Inc., a private biotechnology company focused on the discovery and development of novel therapeutic agents for the treatment of cardiovascular disease, in its definitive agreement under which Bristol-Myers Squibb Company (NYSE: BMY), a global biopharmaceutical company, will acquire all of the issued and outstanding capital stock of Cardioxyl. The transaction includes upfront and near-term milestone payments of up to $300 million and potential additional consideration of up to $1.775 billion upon the achievement of certain development, regulatory and sales milestones. The transaction is expected to close during the fourth quarter of 2015.
The acquisition will strengthen Bristol-Myers Squibb’s heart failure pipeline with a Phase 2 asset that has the potential to change the course of the disease rather than simply treating the symptoms. Read the news item about Cardioxyl’s definitive agreement to be acquired by Bristol-Myers Squibb.
The Fenwick transaction team included IP partner Dan Becker.