Stock Alert: MyoKardia Surges 60% On Bristol Myers Acquisition

(RTTNews) - Shares of MyoKardia, Inc. (MYOK) soared nearly 60% on Monday morning after Bristol Myers Squibb (BMY) agreed to buy MyoKardia for $13.1 billion.

MYOK is currently trading at $221.22, up $81.62 or 58.47%, on the Nasdaq.

MyoKardia is a clinical-stage biopharmaceutical company developing targeted therapies for the treatment of serious cardiovascular diseases. Bristol Myers agreed to acquire MyoKardia for $225 per share in cash.

MyoKardia's lead candidate is Mavacamten, which successfully completed a phase III trial in obstructive hypertrophic cardiomyopathy recently. A New Drug Application for Mavacamten in the treatment of obstructive hypertrophic cardiomyopathy is expected to be submitted to the FDA in the first quarter of 2021.

Bristol Myers Squibb expects MyoKardia's acquisition to strengthen and expand its cardiovascular franchise. The deal is expected to close during the fourth quarter.