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Finance Watch: Cytokinetics Accesses Up To $1bn-Plus, Confirms No-Sale Plan

Company’s Stock Plunged In Absence Of M&A Deal

 
• By Mandy Jackson

Public Company Edition: Cytokinetics executed a royalty financing deal for up to $575m and grossed $500m in a follow-on offering. Also, GSK grossed £1.25bn ($1.58bn) in sale of final Haleon shares, Bicycle raised $555m in a private placement and Apellis accessed up to $475m in debt.

Finance Watch Public Company
• Source: Alamy

Cytokinetics, Inc. CEO Robert Blum has maintained since the company reported positive topline Phase III results for the cardiac myosin inhibitor aficamten in obstructive hypertrophic cardiomyopathy (oHCM) in December that it is capable of commercializing the drug on its own. But even without a deal announcement in the ensuing months, including after it presented detailed SEQUOIA-HCM results earlier this month, investors have held out hope that a big pharma would step up to buy Cytokinetics in a multibillion-dollar deal.

That is why, following the company’s disclosures after the stock market closed on 22 May of new financings that could total more than $1bn, its stock price fell 17.3% to close at $48.98 per share on 23 May and continued to dip on 24 May, closing down another 1.4% at $48.30

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