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.

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.

Cooley has 850 lawyers across 12 offices in the United States, China and Europe.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.