Cytokinetics, a drugmaker that is expected to soon launch a promising new heart therapy called aficamten, said Wednesday that it had agreed to pay biotech firm Royalty Pharma a higher royalty on the medicine in return for up to $575 million, which will be used to fund the marketing of the drug and Cytokinetics’ ongoing research and development efforts.
Cytokinetics shares fell nearly 10% in after-hours trading after the announcement, which investors viewed as lowering the odds that the company will be purchased by a larger pharmaceutical company.
advertisement
The firm also said that it would be raising $500 million through a stock sale.
STAT+ Exclusive Story
Already have an account? Log in
This article is exclusive to STAT+ subscribers
Unlock this article — plus daily coverage and analysis of the biotech sector — by subscribing to STAT+.
Already have an account? Log in
Already have an account? Log in
Monthly
$39
Totals $468 per year
$39/month Get StartedTotals $468 per year
Starter
$30
for 3 months, then $39/month
$30 for 3 months Get StartedThen $39/month
Annual
$399
Save 15%
$399/year Get StartedSave 15%
11+ Users
Custom
Savings start at 25%!
Request A Quote Request A QuoteSavings start at 25%!
2-10 Users
$300
Annually per user
$300/year Get Started$300 Annually per user
View All Plans
Get unlimited access to award-winning journalism and exclusive events.
Subscribe Log In
Previous article：
When waiting feels immoral: Empathy in the emergency department
Next article： Hollywood unions extend contract negotiations for actors
Next article： Hollywood unions extend contract negotiations for actors
