Avidity Biosciences shares are trading higher after the company announced an expansion to its cardiovascular collaboration with Bristol Myers Squibb in a $2.3 billion deal. Avidity will receive $100 million up front.
Portfolio Pulse from Benzinga Newsdesk
Avidity Biosciences' stock is trading higher following the announcement of an expanded cardiovascular collaboration with Bristol Myers Squibb, valued at $2.3 billion. Avidity will receive an upfront payment of $100 million.
November 28, 2023 | 2:31 pm
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NEUTRAL IMPACT
Bristol Myers Squibb, trading under the symbol BMY, has expanded its cardiovascular collaboration with Avidity Biosciences in a deal worth $2.3 billion, which includes a $100 million upfront payment to Avidity.
While the deal is positive for Bristol Myers Squibb, the impact on its stock price may be more muted compared to Avidity due to BMY's larger market capitalization and diversified portfolio. The news is significant but less likely to cause a substantial short-term price movement.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Avidity Biosciences, trading under the symbol RNA, is experiencing a rise in stock price after announcing an expanded deal with Bristol Myers Squibb worth $2.3 billion, including a $100 million upfront payment.
The significant upfront payment of $100 million and the overall deal value of $2.3 billion are substantial for Avidity Biosciences and are likely to be viewed positively by investors, leading to a potential short-term increase in the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100