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Cytokinetics (NASDAQ:CYTK) could also be price $90+ per share in a possible takeover after its shares surged 78% on Wednesday following encouraging knowledge from a pivotal Section 3 trial for its cardiac myosin inhibitor, aficamten, in sufferers with a type of cardiomyopathy, in keeping with United First Companions.
Cytokinetics (CYTK) may even see a “fierce” biding conflict following a report Thursday that Novartis (NVS) and AstraZeneca (AZN) could also be keen on a takeover amid sturdy curiosity as the corporate explores its choices, United First Companions wrote in a word on Wednesday.
The pharma giants had been in a wait-and-see mode as Cytokinetics (CYTK) was anticipated to announce late-stage knowledge for its coronary heart illness drug this month, in keeping with the Dealreport merchandise on Thursday. Different strategic patrons had been additionally participating with the biotech agency as they anticipate the info to be launched.
“These outcomes ought to facilitate a fierce bidding course of for a blockbuster asset with ~$3b+ in peak gross sales potential,” United First Companions wrote within the word. “With the general public launch of the topline trial outcomes, we see the chance for different bidders, separate from these reported, which embrace NVS and AZN, becoming a member of in any ongoing gross sales course of and probably driving a deal value to $90+.”
The takeover hypothesis comes after a Bloomberg report in late October that Cytokinetics was exploring choices after receiving takeover curiosity. The corporate had garnered curiosity from a minimum of one main drugmaker in current months.
The Bloomberg report adopted a Betaville merchandise that speculated that Cytokinetics (CYTK) was working with an funding financial institution after getting takeover curiosity. The curiosity is claimed to be from a Swiss-based firm.
A possible catalyst for Cytokinetics (CYTK) within the close to time period would be the JPMorgan Healthcare Convention in San Francisco, which runs Jan. 8-11, UFP highlighted.