Cytokinetics Shares Rise Following Sanofi Acquisition Announcement
Shares of Cytokinetics (NASDAQ:CYTK) increased by 4.8% after the company disclosed that Sanofi (NASDAQ:SNY) will obtain exclusive rights to develop and commercialize aficamten in Greater China. This strategic move highlights the drug's potential in treating hypertrophic cardiomyopathy (HCM).
Sanofi's acquisition marks a shift, taking over rights that were previously acquired by Corxel Pharmaceuticals from Cytokinetics for the region, including mainland China, Hong Kong SAR, Macau SAR, and Taiwan. Cytokinetics stands to gain up to $150 million in development and commercial milestone payments, along with royalties on future aficamten sales in the area.
Aficamten, a cardiac myosin inhibitor, has received Breakthrough Therapy Designation for symptomatic obstructive HCM by the China National Medical Products Administration, which is also undergoing priority review for its new drug application. This drug plays a crucial role in an extensive clinical development program designed to enhance exercise capacity and alleviate symptoms in HCM patients.
Cytokinetics' President and CEO, Robert I. Blum, expressed optimism about the partnership with Sanofi, noting their cardiovascular expertise and shared objective of broadening aficamten's accessibility to HCM patients in Greater China.
While the specific financial details of the deal between Sanofi and Corxel are undisclosed, Cytokinetics expects additional undisclosed payments related to the deal execution. The emphasis is now on capitalizing on Sanofi's resources to improve aficamten's commercial prospects in this vital market.
Aficamten's clinical development involves several ongoing trials, including SEQUOIA-HCM, a successful pivotal Phase 3 trial, and MAPLE-HCM, which contrasts aficamten monotherapy with metoprolol monotherapy. The drug is also in the process of seeking marketing authorization in the European Union and has a target action date for its U.S. FDA New Drug Application set for September 26, 2025.
Investor sentiment is favorable, as the alliance with Sanofi promises to bolster aficamten's commercialization and development, likely generating increased revenue for Cytokinetics within the thriving Chinese market.
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