Cardioxyl Sells to Bristol-Myers Squibb for up to $2 Billion

San Diego – November 5, 2015 – Cooley is advising Cardioxyl Pharmaceuticals on its sale to Bristol-Myers Squibb (BMS). Under the terms of the agreement, BMS will acquire all of the issued and outstanding capital stock of Cardioxyl for upfront and near-term milestone payments of up to $300 million and potential additional milestone payments of up to $1.78 billion. The transaction is expected to close before year end.

The acquisition strengthens BMS's focus on heart failure and gives the company full rights to Cardioxyl's CXL-1427, a novel drug that releases nitroxyl – a molecule that has demonstrated positive effects on heart muscle and vascular function. The drug is in development for acute decompensated heart failure.

Cardioxyl, based in Chapel Hill, North Carolina, is a privately-held, clinical stage biopharmaceutical company focused on the discovery and development of new classes of safe and effective therapies for the treatment of cardiovascular disease.

The Cooley M&A team advising Cardioxyl includes head of Cooley's M&A group Barbara Borden, Christian Plaza, Ben Beerle, Matthew Silverman, Brandon Seal and Phillip McGill.

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Related Contacts
Barbara Borden Partner, San Diego
Christian Plaza Partner, Reston
Kenneth Krisko Partner, Reston
Michelle Lara Special Counsel, San Diego
Thomas Blinka Partner, Washington, DC
Natasha Leskovsek Partner, Washington, DC
Megan Browdie Associate, Washington, DC
Jacqueline Grise Partner, Washington, DC
Ben Beerle Partner, San Francisco
Todd Gluth Partner, San Diego
Ellen Scordino Partner, Boston
Phillip McGill Associate, San Diego
Matthew D. Silverman Associate, San Diego