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.