Cytokinetics Falls 10% on Royalty Pharma Transaction, Stock Offer

Dow Jones05-23

By Josh Beckerman

Cytokinetics shares were down 10%, to $53.25, after hours as the biopharmaceutical company announced an expanded funding collaboration with Royalty Pharma totaling up to $575 million and a $500 million stock offering.

The agreement includes funding for planned commercialization, development funding, royalty restructuring and revenue sharing, and the purchase of Cytokinetics equity.

Cytokinetics said the transaction, its third with Royalty Pharma, would provide capital to support the commercialization of aficamten and advance its cardiovascular pipeline.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 22, 2024 16:35 ET (20:35 GMT)

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