Potential Takeover In Works for Cardiovascular Treatment Focused Cytokinetics

Cytokinetics Inc CYTK, a late-stage biotech company focused on cardiovascular treatments, is reportedly exploring potential takeover options as it has garnered interest from at least one major pharmaceutical company in recent months.

While the company has not disclosed any specifics, it is currently assessing its next course of action.

Citing sources, the Bloomberg report suggests that potential suitors may wait until Cytokinetics releases data from an upcoming Phase 3 trial before formally pursuing any acquisition. 

In August, the company said it completed enrollment in the SEQUOIA-HCM Phase 3 trial of aficamten in obstructive hypertrophic cardiomyopathy, with topline results on track by the end of 2023.

If approved, Aficamten could become the company's inaugural commercial product.

The Betaville blog had previously mentioned market rumors surrounding Cytokinetics' acquisition prospects, adding to the growing speculation in the industry.

In March, Cytokinetics discontinued the COURAGE-ALS study of reldesemtiv in all patients.

The Data Monitoring Committee reviewed unblinded data from COURAGE-ALS and recommended discontinuing the clinical trial due to futility, as it found no evidence of effect in patients treated with reldesemtiv relative to placebo on the primary endpoint of change from baseline to 24 weeks in ALSFRS-R or in key secondary endpoints. 

Price Action: CYTK shares are down 0.34% at $34.74 on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.