All articles tagged with #cytokinetics
Cytokinetics received FDA approval for its first drug, Myqorzo, to treat obstructive hypertrophic cardiomyopathy, ending a 27-year R&D drought for the company. The drug will compete with a similar medication from Bristol Myers Squibb and is expected to launch in late January.
A new drug from Cytokinetics, aficamten, showed improved exercise capacity over the common beta blocker metoprolol in a Phase 3 study for patients with hypertrophic cardiomyopathy, potentially accelerating its FDA approval and broader use.
Cytokinetics CEO Robert Blum faces criticism for raising $500 million at $51 per share, which devalues the stock and aficamtem's potential. Additionally, the decision to revive the heart failure drug omecamtiv and the unfavorable terms of the Royalty Pharma loan are seen as poor management choices.
Novartis has decided to step back from its pursuit of Cytokinetics, a South San Francisco-based heart-drug developer, after reportedly being close to a purchase agreement. The Swiss drug giant had been pursuing the biotech for several months, but backed away in the past day or two, casting doubt on the prospects of a deal.
Novartis is reportedly in talks to acquire Cytokinetics, with the potential deal expected to be finalized by the end of the week, following Cytokinetics' release of positive Phase III data for its heart disease program, aficamten, which has sparked M&A speculation and caused Cytokinetics' stock to surge nearly 15%.
Novartis is in advanced talks to acquire Cytokinetics, a South San Francisco-based biotech company known for its promising heart drug, in a deal that could be completed as soon as this week. The acquisition reflects the trend of big pharmaceutical companies acquiring fast-growing biotechs to bolster their pipelines, and Cytokinetics, with a market value of over $10 billion, has been running a sale process. However, it's possible that another suitor could emerge or that no deal will materialize.