Amgen Gains Stake in Heart Drug

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Amgen Inc. has bought a 9.2 percent stake in San Francisco-based Cytokinetics Inc. as part of a partnership to develop Cytokinetics’ experimental drugs to treat heart failure.


The Thousand Oaks biotech giant bought more than 3.48 million shares of Cytokinetics’ stock for $33 million, equivalent to$9.47 per share, or about the market price. Amgen also paid $42 million upfront for the option to participate in development of Cytokinetics’ lead heart drug candidate and could pay as much as $700 million for rights to commercialize the drug, which is being tested as both an injection and as an oral medicine.


The second of three stages of clinical trials on the lead drug candidate, which triggers a protein that helps cardiac muscles to contract, is expected to begin early this year.


Cytokinetics shares were up $1.01 to $8.49 in midday trading, while shares in Amgen rose 54 cents to $68.85.

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