Cooley is advising Cardioxyl Pharmaceuticals on its sale to Bristol-Myers Squibb. 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.