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Cytokinetics inks deal to support development of next-gen heart drug

  • Cytokinetics (NASDAQ:CYTK) has agreed to a series of transactions with certain companies wholly owned by investment funds managed by RTW Investments, LP, and Ji Xing Pharmaceuticals, related to CK-3773274, a next-generation cardiac myosin inhibitor being developed for the potential treatment of hypertrophic cardiomyopathies and other clinical indications that may be associated with excessive cardiac muscle contractility.
  • Pursuant to these transactions, Cytokinetics will receive a combination of committed capital, funding and sale proceeds of up to $250M from RTW and is eligible to receive up to $200M in milestone payments plus royalties on future sales of CK-274 in certain Asian countries.
  • Amongst these deals is a license from Cytokinetics to Ji Xing. Cytokinetics has granted to Ji Xing an exclusive license to develop and commercialize CK-274 in China and Taiwan.
  • In addition, RTW has agreed to purchase from Cytokinetics its royalty rights on future sales of mavacamten, for a cash purchase price of $85M, subject to certain closing conditions. In parallel, RTW has purchased $50M of Cytokinetics’ common stock at $25/share.
  • CYTK +10% PM.

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Cytokinetics, Incorporated