Avidity Biosciences stock surges 35% on partnership with Bristol Myers Squibb

  • Avidity Biosciences stock surges 35% on collaboration deal with Bristol Myers Squibb
  • Bristol Myers to pay Avidity $60 million in cash and purchase $40 million of Avidity common stock
  • Avidity eligible to receive up to $1.35 billion in research and development milestone payments
  • Collaboration focused on development and commercialization of multiple cardiovascular drugs

Avidity Biosciences stock experienced a significant surge of 35% following the announcement of a licensing and research deal with Bristol Myers Squibb. As part of the collaboration, Bristol Myers will provide $60 million in cash to Avidity and purchase $40 million of Avidity common stock. Additionally, Avidity has the potential to receive up to $1.35 billion in research and development milestone payments and up to $825 million in commercial milestone payments. The partnership is focused on the development and commercialization of multiple cardiovascular drugs. This collaboration represents an important investment by Bristol Myers in innovative therapeutic approaches for patients with serious cardiovascular conditions.

Public Companies: Avidity Biosciences (N/A), Bristol Myers Squibb (N/A)
Private Companies:
Key People: Francisco Ramírez-Valle (Head of the Immunology and Cardiovascular Thematic Research Center at Bristol Myers)

Factuality Level: 8
Justification: The article provides factual information about a licensing and research deal between Avidity Biosciences and Bristol Myers Squibb. It includes details about the financial terms of the deal and quotes from a representative of Bristol Myers. There are no obvious digressions, misleading information, sensationalism, redundancy, or opinion masquerading as fact. The article is concise and focused on the main topic.

Noise Level: 3
Justification: The article provides relevant information about a licensing and research deal between Avidity Biosciences and Bristol Myers Squibb. It includes details about the financial aspects of the deal and quotes from a representative of Bristol Myers. However, the article is very short and lacks in-depth analysis or insights. It also does not provide any evidence or data to support its claims. Overall, the article is concise but lacks substance.

Financial Relevance: Yes
Financial Markets Impacted: Bristol Myers Squibb, Avidity Biosciences

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to a licensing and research deal between Bristol Myers Squibb and Avidity Biosciences, which has financial implications for both companies. However, there is no mention of an extreme event or its impact.

Reported publicly: www.marketwatch.com