Why Cytokinetics Stock Was a Nearly 5% Winner Today

California-based biotech Cytokinetcs (NASDAQ: CYTK) finished the trading week in style, as its stock price outperformed many other titles by rising nearly 5% on Friday. News of a fresh licensing deal in a key market abroad was the catalyst for the increase, which well exceeded the slightly over 1% gain of the S&P 500 index.That morning, Cytokinetics announced that Sanofi has acquired the Greater China development and commercialization rights to aficamten from Chinese healthcare company Corxel. This is a drug targeting heart disease hypertrophic cardiomyopathy (HCM) that was developed by Cytokinetics. Details of the deal, including its price, were not disclosed. Cytokinetics originally sold those rights to Corxel in 2020. The American biotech remains eligible to earn as much as $150 million in development and commercial milestone payments from the new rights holder. Additionally, it can reap royalties on future sales of the drug in Greater China. Cytokinetics said these payments range from the low-to-high-teen percentages of sales. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool