Cytokinetics Shares Slide as Novartis Reportedly Shies Away From Deal
11 Janvier 2024 - 7:02PM
Dow Jones News
By Colin Kellaher
Cytokinetics shares tumbled more than 20% on Thursday amid
waning expectations that Swiss drugmaker Novartis would strike a
deal to buy the heart-drug developer.
The Wall Street Journal on Monday had reported that Novartis was
near a deal to buy Cytokinetics, sending shares of the South San
Francisco, Calif., company soaring.
However, no deal emerged over the past couple of days, and The
Journal on Thursday reported that Novartis had backed away from its
pursuit of Cytokinetics, which has been running a sale process.
Cytokinetics shares were recently changing hands at $78.08, down
23%, and well below the 52-week high of $110.25 they hit Monday
after The Journal's initial report.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 11, 2024 12:47 ET (17:47 GMT)
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