In keeping with our mission to provide comprehensive advertising analysis, MediaRadar puts together a report of the most important mergers and acquisitions news each week. Stay in the loop, whether you sell advertising space or focus on business development.
This week, Bristol-Myers Squibb acquired MyoKardia, Upjohn merged with Mylan to form Viatris, and Bally’s Corporation bought Bally’s Atlantic City and VICI Properties, Inc.
Bristol-Myers Squibb gains MyoKardia
Pharmaceutical company Bristol-Myers Squibb closed its $13.1 billion acquisition of MyoKardia, a company that specializes in heart medication. The multi-billion dollar price tag is a 61% premium on MyoKadi’s stock price, which has been delisted from the Nasdaq since the deal was finalized.
MyoKardia recently produced the drug Mavacamten to treat hypertrophic cardiomyopathy (HCM), a potentially fatal disease. Approximately 160,00 to 200,00 people in the U.S. and Europe have been diagnosed with the condition. MyoKardia intends to submit Mavacamten for FDA approval in the first quarter of next year.
CEO of Bristol-Myers Giovanni Caforio commented “With MyoKardia, we are bolstering our leading cardiovascular franchise and adding exceptional scientific capabilities, a potentially transformative new medicine with significant commercial potential.”
The acquisition marks Bristol-Myers’ largest deal since its $74 billion acquisition of immuno-oncology company Celgene last year.
Upjohn and Mylan merge, forming Viatris
Pfizer’s generic drug division Upjohn merged with drug maker Mylan to form Viatris.
According to the deal, Pfizer stockholders own 57% of Viatris common stock, and Mylan shareholders own 43%. Viatris is anticipating the merger will lead to around $1 billion in cut costs. Viatris is also expecting annual revenue between $19 billion and $20 billion.
The combined company has about 45,000 employees and is headquartered in Delaware, with operations in more than 165 countries and territories. Mylan CEO Heather Bresch has retired at the closing of the deal, and Upjohn group president Michael Goettler has taken the helm as CEO of Viatris.
Bally’s Corporation acquires Bally’s Atlantic City and VICI Properties
Bally’s Corporation, previously known as Twin River Worldwide Holdings, has completed a previously announced acquisition of Bally’s Atlantic City Hotel & Casino from Caesars Entertainment, Inc. and VICI Properties, Inc.
The total cost of the deal was $25 million, split 75% to VICI, 25% to Caesars, while the annual base rent payments to Regional Master Lease remain unchanged.
In October, Twin River paid Caesars $20 million for ownership of Bally’s brand name and intellectual property. The corporate name change took effect on November 9th.
Bally’s also formed a strategic partnership with Esports Entertainment Group and Sporttrade Inc. The acquisition gives Bally’s three sports betting and five iGaming skins in the New Jersey market. Bally’s is also planning to roll out a FanDuel sportsbook at the Atlantic City property in the coming weeks.
In Other News
Other noteworthy deals are brewing:
- Buzzfeed has struck a deal with Verizon Media to acquire HuffPost in a stock deal. Not entirely severing ties, Verizon Media is also investing in BuzzFeed and becoming a minority shareholder in the digital media company.
- Dutch supermarket conglomerate Ahold Delhaize, which owns Stop & Shop and Food Lion, is making a bid to grow its e-commerce operations by acquiring FreshDirect.
- Nasdaq, Inc., the financial services corporation that owns and operates the Nasdaq stock market, announced that it is acquiring anti-financial crime firm Verafin for $2.75 billion.
- KIND LLC is being acquired by the makers of your favorite chocolate candies. Mars, Incorporated is acquiring the healthy snack maker for an undisclosed amount.
- Home Depot Inc. announced that it is acquiring HD Supply Holdings Inc. for $8.7 billion, reuniting with the unit it sold off to private equity firms in 2007.
- Real estate investment trust Taubman Centers, Inc. has agreed to a lower price to merge with the biggest mall owner in America, Simon Property Group.
- PNC Financial Services Group, Inc. and Spanish financial group, Banco Bilbao Vizcaya Argentaria, S.A. have signed a definitive agreement for PNC to acquire BBVA’s U.S. operations, BBVA USA Bancshares, Inc., for $11.6 billion in cash.
- Embracer Group AB, the Swedish video game company which was previously known as Nordic Games Publishing AB and then THQ Nordic AB, has acquired 11 new game studios.
- According to Bloomberg, popular trading platform Robinhood Markets is seeking financial partners to help its initial public offering that could be held as early as the first quarter of 2021.