Bristol Myers to acquire MyoKardia for £10 billion

In an announcement on Monday, Bristol Myers Squibb Co (NYSE: BMY) said it will invest £10 billion to acquire MyoKardia Inc (Nasdaq: MYOK). The deal will help it expand its footprint in the heart drugs business and minimise reliance on cancer treatments. Bristol Myers remained almost flat in premarket trading on Monday. At £45.32 per share, it is now 7% down as compared to £48.86 per share at the start of 2020. In March, the Coronavirus pandemic had pushed the stock down to as low as £35.80 per share. At the time of writing, Bristol Myers has a market capitalisation