Bristol-Myers buying heart drug maker Cardioxyl for $2.1B

Staff Writer
Columbus CEO

NEW YORK (AP) — Bristol-Myers Squibb says it's acquiring a private biotech company developing drugs for heart disease in a deal that could be worth up to $2.1 billion.

New York-based Bristol-Myers, which makes drugs for hepatitis C, cancer and heart attack prevention, could close its deal to acquire Cardioxyl Pharmaceuticals by year's end. The boards of both companies have approved the deal.

Cardioxyl, based in Chapel Hill, North Carolina, is developing drugs that release a molecule called nitroxyl, which improves the function of heart muscle and blood vessels. In early patient testing, its lead drug, CXL-1427, has improved how the heart muscle contracts and relaxes without increasing heart rate or demand for oxygen, which can raise risk for death, abnormal heartbeats and reduced blood flow due to a blocked blood vessel.