Muscle company strengthens balance sheet by more than $1 billion
Californian company Cytokinetics (Nasdaq: CYTK) closed Thursday’s trading down 17% after announcing a couple of updates that will add $1 billion to its cash pile.
The firm, which is focused on discovering, developing and commercializing first-in-class muscle activators and next-in-class muscle inhibitors, announced plans to offer approximately $500 million of shares of its common stock in an underwritten public offering.
"Shared conviction in the value of our cardiac myosin focused pipeline of drug candidates"Cytokinetics also revealed that the company and Royalty Pharma (Nasdaq: RPRX) have entered into a strategic funding collaboration totaling up to $575 million.
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