Cytokinetics raises over $1 billion in funds, dampening takeover chatter

2024-05-23

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Cytokinetics is pulling in over $1 billion in funds as it looks to build on the recent Phase III success for aficamten and prepare to battle it out with Bristol Myers Squibb in the cardiomyopathy space. However, the news sent Cytokinetics’ shares down 15% in premarket trading on Thursday as the fundraising lowered hopes of a buyout.

According to Cytokinetics, it will receive up to $575 million from Royalty Pharma, including $250 million on closing, after restructuring a deal on aficamten. Under the amended agreement, Royalty Pharma will now receive royalties of 4.5% up to $5 billion of annual net sales of aficamten and 1% above $5 billion of annual net sales.

Cytokinetics said that it will use $50 million of the money from Royalty Pharma to fund the anticipated launch of aficamten and is eligible to draw an additional $175 million within 12 months of approval. Marketing applications for the drug - which works by blocking the myosin enzyme - are expected to be submitted in the US and EU later this year.

Throw of the dice on omecamtiv mecarbil

The company will also use $100 million of the financing to pay for another Phase III study of omecamtiv mecarbil in patients with heart failure and reduced ejection fraction (HFrEF). Last year, the FDA rejected approval of the cardiac myosin activator in this indication, citing a lack of sufficient efficacy data to show the drug was effective. At the time, Cytokinetics CEO Robert Blum said there were "no plans" to conduct another trial of omecamtiv mecarbil.

Fady Malik, the drugmaker’s executive vice president of R&D, explained Thursday that the new study builds on feedback from the FDA and European Medicines Agency, and is “intended to replicate treatment effects previously observed…among higher risk patients.”

Takeover further away than ever

However, commenting on the news, analysts at Mizuho Securities said “investors had thought this asset was effectively dead and certainly not warranting further spend… And now Cytokinetics is back to funding the asset, and the risk is seemingly being entirely borne by [them].” They added that the financing also “furthers the stock from the potential takeout thesis.”

Cytokinetics will use another $50 million of the proceeds to fund a mid-stage trial of the cardiac myosin inhibitor CK-586 in patients with heart failure and preserved ejection fraction. Royalty Pharma will also have an option to invest up to $150 million more to fund Phase III development of CK-586.

In addition, Cytokinetics indicated that Royalty Pharma will purchase $50 million of its common stock concurrent with a $500-million public offering. Under the offering, the drugmaker plans to sell around 9.8 million shares at $51 a piece.

Both AstraZeneca and Novartis have been linked with a takeover of Cytokinetics, with the Swiss drugmaker reportedly backing away from a deal earlier this year. For related analysis, see Spotlight On: Has Phase III win put Cytokinetics back on the M&A chopping block?

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