Cytokinetics rises after winning China approval for heart disease drug
Shares of Cytokinetics CYTK.O rise 3.1% to $63.95 premarket
Drugmaker says Myqorzo, its treatment for heart disease obstructive hypertrophic cardiomyopathy, has been approved by the China National Medical Products Administration (NMPA)
Co says this triggers a milestone payment of $7.5 million from Sanofi SASY.PA, which has exclusive rights to develop and commercialize the drug for obstructive and non-obstructive hypertrophic cardiomyopathy in Greater China
CYTK remains eligible to receive up to $142.5 million in development and commercial milestone payments from Sanofi as well as royalties on future sales
The FDA has a target action date of December 26 for a decision on the drug, while a decision from the European Commission is expected in Q1 2026
Up to last close, stock had risen 31.9% YTD
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