2023-12-21 13:13:12 ET
Cytokinetics Inc (NASDAQ: CYTK) jumped 22% on Thursday following a report that AstraZeneca plc and Novartis AG may be interesting in buying the biopharmaceutical firm.
Buyers are awaiting late-stage study data
The news arrives a couple months after the California-based company was reported exploring its options.
Cytokinetics will publish results of a late-stage trial that tested its aficamten in patients of hypertrophic cardiomyopathy in the coming days.
Both AstraZeneca and Novartis are in a “wait-and-see mode” in the meantime, as per anonymous sources that talked to Dealreporter on Thursday.
If approved, aficamten – the drug that Oppenheimer analyst Justin Kim called a “crown jewel in terms of the pipeline” – will be the first commercial product of Cytokinetics Inc if approved.
Watch here: https://www.youtube.com/embed/e3hf-TD2GvM?feature=oembedCytokinetics insider recently sold stock
Note that other strategic buyers have also approached the biotechnology company for a potential deal, as per people familiar with the matter.
Cytokinetics Inc was previously reported working with an investment bank following takeover interest from a Swiss-based company.
In November, the Nasdaq-listed firm reported its financial results for the third quarter that missed Street estimates. Cytokinetics stock is now up close to 65% versus its year-to-date low.
A regulatory filing recently said an insider of the Nasdaq-listed firm has sold $461,875 worth of its stock. Wall Street currently has a consensus “buy” rating on Cytokinetics stock.
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