Novartis in Advanced Talks to Buy Cytokinetics
Acquisition would be latest in a flurry of deals by pharmaceutical giants for hot biotechs
Novartis NOVN 0.43%increase; green up pointing triangle is close to clinching an acquisition of Cytokinetics CYTK 10.26%increase; green up pointing triangle and its promising heart drug, as big pharma companies continue to snap up fast-growing biotechs to replenish their pipelines.
A purchase by the Swiss drug company of South San Francisco-based Cytokinetics, which has a market value of about $9 billion, could be finalized as soon as this week, according to people familiar with the situation. Cytokinetics has been running a sale process and it’s possible another suitor could reemerge; there also may be no deal at all.
The potential price and other terms couldn’t be learned.
Cytokinetics is focused on so-called muscle activators and inhibitors as potential treatments for people with debilitating diseases in which muscle performance is compromised, according to its website.
The company’s shares soared last month on the back of successful data for its experimental heart drug that treats hypertrophic cardiomyopathy, the most common genetic heart disease, which can lead to blood clots, strokes and, in rare cases, death.