Cytokinetics (CYTK) Gains Nearly 50% After Amgen Exercised its Option On Heart Drug
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Cytokinetics Inc. (Nasdaq: CYTK) is surging higher this morning (45%) on news Amgen Inc. (Nasdaq: AMGN) exercised its option to obtain an exclusive license, worldwide (excluding Japan), to Cytokinetics' cardiac contractility program. The license includes CK-1827452, a novel cardiac myosin activator being developed for the treatment of heart failure.
Under the terms of the companies' 2006 collaboration and option agreement, Amgen has agreed to pay Cytokinetics a non-refundable exercise fee of $50 million and has assumed responsibility for development and commercialization of CK-1827452 and related compounds, at its expense, subject to specified development and commercial participation rights of Cytokinetics.
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