South San Francisco-based Cytokinetics has struck a deal to option its experimental heart failure drug to biotech giant Amgen in exchange for a $75 million payment and more than $600 million in development and sales milestones. The deal was revealed this morning in an exclusive article by New York Times biotech reporter Andrew Pollack. CK-1827452, which is about to enter Phase II, triggers a protein that causes the heart to contract as it pumps blood. About five million Americans suffer from cardiovascular disease characterized by insufficient blood flow. Under the terms of the deal, Amgen will pay another $50 million if it decides to exercise the option and take over development of the therapy. Cytokinetics pockets $42 million in cash and is selling $33 million of its shares to Amgen at a hefty 27 percent premium.
- check out the press release for more
- here's the article on the pact in The New York Times
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