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- MyoKardia
MyoKardia Acquisition, Valuation, Funding & Investors
MyoKardia was acquired by Bristol-Myers Squibb for $13B in October 2020.
Cumulative funding MyoKardia raised
$94M
across 3 funding rounds
Key investors in MyoKardia
Third Rock Ventures
Fidelity
Cormorant Asset Management
Casdin Capital
Sanofi
Cowen Group
BridgeBio Pharma
Perceptive Life Sciences
About MyoKardia
MyoKardia is a Brisbane-headquartered biopharmaceutical company advancing small-molecule drugs for inherited cardiomyopathies. Its pipeline includes mavacamten, a cardiac myosin inhibitor for obstructive hypertrophic cardiomyopathy approved by the FDA in 2022. The drug reduces left ventricular outflow tract gradients in phase 3 trials involving 300 patients. Founded in 2012, MyoKardia was acquired by Bristol Myers Squibb for $13.1 billion in 2020, expanding its presence in South San Francisco.
Founded
2012
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$13B (acquired Oct 2020)
Sectors
MyoKardia Acquisition
MyoKardia was acquired by Bristol-Myers Squibb for $13B on 5 October 2020.
Before the acquisition MyoKardia had raised $94M across 3 funding rounds.
Bristol Myers Squibb agreed on 5 October 2020 to acquire MyoKardia for USD 13.1 billion, or USD 225.00 per share in cash, through a tender offer followed by a second-step merger. The price represented a premium of roughly 61 per cent to MyoKardia's prior closing price, and both boards approved the deal unanimously. Bristol Myers Squibb said it would fund the purchase with a combination of cash and debt, and completed the acquisition in November 2020. The strategic rationale was mavacamten, a first-in-class cardiac myosin inhibitor that had met its primary endpoint in the pivotal EXPLORER-HCM trial in symptomatic obstructive hypertrophic cardiomyopathy, together with two earlier-stage candidates and a discovery platform aimed at the underlying biomechanics of heart muscle. MyoKardia was founded in 2012 as a Third Rock Ventures company and was headquartered in Brisbane, California. It was a clinical-stage business with no product revenue at the time of the transaction, having listed on Nasdaq in 2015 after raising roughly USD 94 million privately from Third Rock Ventures, Sanofi, Fidelity and specialist healthcare funds. Mavacamten was later approved as Camzyos.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 5 Oct 2020 | Strategic M&A | $13B |
Sources: nasdaq.com
MyoKardia Funding History
MyoKardia has raised a total of $94M across 3 funding rounds.
MyoKardia's first fundraising round was a $38M Series A in September 2012. The most recent completed round was a $46M Series B in April 2015.
MyoKardia funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2015 | Series B | Fidelity; Perceptive Life Sciences; BridgeBio Pharma; Casdin Capital; Cowen Group; Cormorant Asset Management | $46M | MyoKardia is a clinical-stage biopharmaceutical company discovering and developing targeted therapies for serious cardiovascular diseases, with a focus on treatments for hypertrophic cardiomyopathy. The company was founded in 2012 as a spinout from the University of Colorado Boulder, with founding research led by Leslie Leinwand, a distinguished professor and chief scientific officer at CU Boulder's BioFrontiers Institute. MyoKardia's lead asset is mavacamten, a potential first-in-class cardiovascular medicine for obstructive hypertrophic cardiomyopathy, which would address an underlying biomechanical defect in the disease. The company completed a Series B financing round in May 2015 that included investments from BridgeBio Pharma, Casdin Capital, Cormorant Asset Management, Perceptive Life Sciences, and an undisclosed public investment fund, raising $46 million. Prior to the Series B, MyoKardia had established a strategic collaboration with Sanofi in August 2014, under which Sanofi agreed to provide up to $200 million in upfront and milestone payments, equity investments, and research and development support in exchange for certain program and product development and commercialization rights. As of the IPO filing in November 2015, the company had raised approximately $94 million in total equity financing across multiple rounds before going public on the Nasdaq Global Select Market. Bristol Myers Squibb later acquired MyoKardia in October 2020 for $13.1 billion, reflecting the eventual value of the company's promising cardiovascular pipeline. |
| Aug 2014 | Series A | Third Rock Ventures; Sanofi | $10M | MyoKardia issued USD 10 million of Series A-1 redeemable convertible preferred stock to Aventis Inc., a Sanofi subsidiary, in a single closing on 1 August 2014. The company sold 6,666,667 shares at USD 1.50 each, and Aventis was the only purchaser in the financing. The equity came alongside a research collaboration with Sanofi covering the discovery and development of MyoKardia's cardiomyopathy programmes, under which Sanofi agreed to provide up to about USD 200 million in upfront payments, milestones, equity investments and research support in exchange for certain development and commercialisation rights. Katherine Bowdish, then at Sanofi, joined the MyoKardia board. MyoKardia was founded in 2012 by Third Rock Ventures with academic co-founders from Stanford, the University of Colorado and Harvard Medical School, and was based in the San Francisco Bay Area. It was developing small-molecule therapies that target the underlying biomechanics of heart muscle in inherited cardiomyopathies, led by mavacamten for obstructive hypertrophic cardiomyopathy. The company had no product revenue and raised a USD 46 million Series B in April 2015 before listing on Nasdaq later that year. |
| Sep 2012 | Series A | Third Rock Ventures (lead) | $38M | Third Rock Ventures announced on 20 September 2012 the formation of MyoKardia with a USD 38 million Series A financing, which the venture firm funded on its own. The commitment was drawn down in a series of closings against a securities purchase agreement for up to 38,000,000 shares of Series A redeemable convertible preferred stock at USD 1.00 per share, with purchases running from September 2012 through 2014 by Third Rock Ventures II and Third Rock Ventures III. Charles Homcy, a venture partner at Third Rock, served as interim chief executive and Kevin Starr joined the board. MyoKardia was founded in 2012 in the San Francisco Bay Area by James Spudich of Stanford, Leslie Leinwand of the University of Colorado and Christine and Jonathan Seidman of Harvard Medical School. The company set out to develop small-molecule therapeutics that target the underlying biomechanics of heart muscle in inherited cardiomyopathies, beginning with hypertrophic and dilated cardiomyopathy, conditions that together affect roughly one million people in the United States. The financing was the company's first institutional round and preceded a USD 10 million Series A-1 from Sanofi in 2014 and a USD 46 million Series B in 2015. |
Who has invested in MyoKardia?
8 investors have backed MyoKardia across its funding rounds, including Third Rock Ventures, Fidelity, Cormorant Asset Management, Casdin Capital, Sanofi and Cowen Group.
Lead investors include Third Rock Ventures.
MyoKardia Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Sep 2012 | ||
| 1 | Participant | Apr 2015 | ||
| 1 | Participant | Apr 2015 | ||
| 1 | Participant | Apr 2015 | ||
| 1 | Participant | Apr 2015 | ||
| 1 | Participant | Aug 2014 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialMyoKardia Competitors
MyoKardia competitors include listed companies like Summit Therapeutics, Elanco, Baxter International and Laurus Labs, and private ones like Biosplice Therapeutics and Intas Pharmaceuticals.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | - | ($1.1B) | $13B | 5744.3x | ||
| Publicly listed | $4.7B | $676M | $13B | 3.2x | ||
| Publicly listed | $11B | $714M | $13B | 1.7x | ||
| Publicly listed | $714M | $193M | $13B | 16.1x | ||
| Private | - | - | $12B | - | ||
| Private | $2B | - | $8.5B | - |
MyoKardia Public Comps
MyoKardia is no longer listed, but its public comps include Summit Therapeutics, Elanco, Baxter International, Laurus Labs, Sino Biopharmaceutical, Zydus Lifesciences, Recordati, Kelun-Biotech, Zhangzhou Pientzehuang and CSPC Pharma Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($1.1B) | - | 5744.3x | (11.5x) | (15.7x) | |||
| $4.7B | $676M | 3.4x | 3.2x | 23.8x | 15.8x | |||
| $11B | $714M | 1.8x | 1.7x | 28.2x | 9.1x | |||
| $714M | $193M | 19.2x | 16.1x | 71.0x | 52.9x | |||
| $4.8B | $1.1B | 2.8x | 2.5x | 11.7x | 8.1x | |||
| $2.8B | $847M | 4.9x | 4.4x | 16.3x | 17.5x | |||
| $2.9B | $995M | 5.0x | 4.7x | 14.7x | 12.8x | |||
| $309M | ($39M) | 42.6x | 35.0x | (340.1x) | (2496.2x) | |||
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Common questions about MyoKardia
| When was MyoKardia founded? | MyoKardia was founded in 2012. |
| Where is MyoKardia headquartered? | MyoKardia is headquartered in United States. |
| Is MyoKardia publicly listed? | No, MyoKardia was acquired by Bristol-Myers Squibb in October 2020. |
| Who acquired MyoKardia? | MyoKardia was acquired by Bristol-Myers Squibb in October 2020. |
| How much was MyoKardia acquired for? | MyoKardia was acquired for $13B in October 2020. |
| How much funding has MyoKardia raised? | MyoKardia has raised $94M across 3 funding rounds. |
| What was MyoKardia's last funding round? | MyoKardia's last funding round was a $46M Series B in April 2015. |
| Who are MyoKardia's investors? | MyoKardia's investors include Third Rock Ventures, Fidelity, Perceptive Life Sciences, BridgeBio Pharma, Casdin Capital, Sanofi, Cowen Group and Cormorant Asset Management. |
| Which companies are comparable to MyoKardia? | Companies comparable to MyoKardia include Summit Therapeutics, Elanco, Baxter International, Laurus Labs, Biosplice Therapeutics and Intas Pharmaceuticals. |
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