With chance to take on Bristol Myers' $13B heart drug, Cytokinetics preps for pivotal studies with $450M debt raise
As Cytokinetics traded near its one-year high earlier this week, execs decided to take on a load of debt. But investors aren’t liking what they’ve seen.
The San Francisco biotech announced after market close Wednesday that it would raise $450 million in debt in the form of a convertible senior notes offering, sending the company’s stock $CYTK down nearly 20% on Thursday. The move was ostensibly made to satiate investor concerns, but the market did not react accordingly.
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