Press Release

Kirkland & Ellis Represents Bristol-Myers Squibb in Acquisition of Cardioxyl Pharmaceuticals for Total Consideration of Up To $2.07B

Kirkland & Ellis LLP represents Bristol-Myers Squibb (BMY), which announced today that it reached a definitive agreement under which Bristol-Myers Squibb will acquire all of the issued and outstanding capital stock of Cardioxyl Pharmaceuticals, Inc., a private biotechnology company focused on the discovery and development of novel therapeutic agents for the treatment of cardiovascular disease. The acquisition will give Bristol-Myers Squibb full rights to Cardioxyl’s lead asset CXL-1427, a novel nitroxyl (HNO) donor (prodrug) in Phase 2 clinical development as an intravenous treatment for acute decompensated heart failure (ADHF). 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. More information on the transaction is available here.

The Kirkland team representing Bristol-Myers Squibb includes corporate partners Daniel Wolf and Joshua Zachariah and associate Adi Herman.