Looking to sustain its cardiovascular disease franchise in the long-term, Bristol-Myers Squibb (BMS) has agreed to buy the rather low-profile Cardioxyl Pharmaceuticals in return for upfront and near-term milestone payments of US$300 M and potential additional consideration of up to US$1.775 B linked to the achievement of certain development, regulatory and sales milestones. The key driver of the deal is Cardioxyl’s second-generation nitroxyl (HNO) donor CXL-1427, which is in Phase II development for acute decompensated heart failure and which is potentially differentiated from current marketed therapies.