Cytokinetics Shares Jump 16% After WSJ Report of Novartis Deal
By Ben Glickman
Shares of Cytokinetics jumped Monday after the Wall Street Journal reported the company was close to being bought by Novartis.
The stock was up 16% to $109.22 after the news broke, reversing declines earlier in the day. Shares have more than doubled in the last year.
A deal could be finalized as soon as this week, people familiar with the situation told WSJ. Cytokinetics has been running a sale process and another buyer could potentially emerge.
Novartis shares were down 0.4% to $105.90.
Cytokinetics shares surged last month after releasing positive data for a potential treatment for hypertrophic cardiomyopathy, a genetic heart condition.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 08, 2024 13:28 ET (18:28 GMT)
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