Cytokinetics stock rises on Sanofi’s rights acquisition
Investing.com — Shares of Cytokinetics (NASDAQ:CYTK), Incorporated (NASDAQ:CYTK) climbed 4.8% after the company announced that Sanofi (NASDAQ:SNY) will acquire exclusive rights to develop and commercialize aficamten in Greater China, a move that underscores the drug’s potential in treating hypertrophic cardiomyopathy (HCM).
The announcement reflects a strategic shift, as Sanofi takes over the rights initially acquired by Corxel Pharmaceuticals from Cytokinetics for the Greater China market, which includes the Chinese mainland, Hong Kong SAR, Macau SAR, and Taiwan. This development is significant for Cytokinetics, which stands to receive up to $150 million in development and commercial milestone payments, as well as royalties on future sales of aficamten in the territory.
Aficamten, a cardiac myosin inhibitor, has been granted Breakthrough Therapy Designation for symptomatic obstructive HCM by the China National Medical (TASE:PMCN) Products Administration, which also accepted the New Drug Application for priority review. The drug is part of an extensive clinical development program aiming to improve exercise capacity and symptoms in patients with HCM, a condition characterized by the thickening of the heart muscle.
Cytokinetics’ President and CEO, Robert I. Blum, expressed enthusiasm for the new partnership with Sanofi, highlighting the company’s cardiovascular expertise and the shared goal of expanding aficamten’s reach to HCM patients in Greater China.
The financial terms of the deal between Sanofi and Corxel have not been disclosed, but Cytokinetics also anticipates additional undisclosed payments related to the agreement’s execution. The focus now shifts to leveraging Sanofi’s resources to advance aficamten’s commercial prospects in a key market.
Aficamten’s clinical development includes several ongoing trials, such as SEQUOIA-HCM, a positive pivotal Phase 3 trial, and MAPLE-HCM, which compares aficamten monotherapy to metoprolol monotherapy. The drug has also been submitted for marketing authorization in the European Union and has a U.S. FDA New Drug Application with a target action date of September 26, 2025.
Investors are responding positively to the news, as the partnership with Sanofi could significantly enhance the commercialization and development of aficamten, potentially leading to increased revenue streams for Cytokinetics in the burgeoning Chinese market.
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