Bristol-Myers wraps up Cardioxyl buy. Dividend increase

(Update: Dividend increase) Bristol-Myers Squibb Company has completed the previously announced planned acquisition of Cardioxyl Pharmaceuticals, Inc.

The transaction includes full rights to Cardioxyl’s lead asset CXL-1427, a novel nitroxyl (HNO) donor (prodrug) in Phase 2 clinical development as an intravenous treatment for acute decompensated heart failure (ADHF).

The company announced Tuesday that it has entered a new research collaboration, which includes the establishment of the Center for Molecular Synthesis (BMS-CMS).

As BMS said, the agreement creates opportunities for scientists at Princeton University and Bristol-Myers Squibb to collaborate on top-flight synthetic chemistry research, leveraging the two sites’ close proximity to foster a robust exchange of scientific ideas.

“Bristol-Myers Squibb has a long history of engaging in external collaborations and partnerships of all shapes and sizes, always with an eye toward advancing science,” said Percy Carter, Ph.D, head of discovery chemistry, Bristol-Myers Squibb. “Similarly, the Department of Chemistry at Princeton University fosters an environment of collegiality, innovation and scientific rigor, and our scientists look forward to contributing to that through this research collaboration.”

“We are very excited about working with Bristol-Myers Squibb and its scientists as it will empower the faculty in the Department of Chemistry at Princeton who are involved in the collaboration to do out-of-the-box research,” said Pablo Debenedetti, the Dean for Research at Princeton University.

Dividend increase

The Board of Directors of Bristol-Myers Squibb Company also on Tuesday declared an increase of approximately three percent in the company’s quarterly dividend, beginning in the first quarter of 2016.

The dividend increase will result in a quarterly dividend of thirty-eight cents ($0.38) per share on the $.10 par value Common Stock of the corporation. The next quarterly dividend will be payable on February 1, 2016, to stockholders of record at the close of business on January 4, 2016.

The directors also declared a quarterly dividend of fifty cents ($0.50) per share on the $2.00 Convertible Preferred Stock of the corporation, payable March 1, 2016 to stockholders of record at the close of business on February 5, 2016.

The directors indicated an expected dividend for the full year of 2016 of $1.52 per share on the $.10 par value Common Stock of the corporation, subject to the normal quarterly review by the Board.