UPDATE 3-Amgen gets rights to Cytokinetics heart drug

martes 26 de mayo de 2009 20:51 CEST

* Amgen to pay Cytokinetics $50 mln upfront fee

* To make delayed payments of up to $600 mln

* Worldwide license excludes Japan

* Cytokinetics shares surge 45 pct (Recasts; adds analyst's comments, updates share movement)

May 26 (Reuters) - Amgen Inc (AMGN.O: Cotización) exercised its option for an exclusive license to develop and commercialize Cytokinetics Inc's (CYTK.O: Cotización) heart failure drug under an existing agreement, lending a significant boost to Cytokinetics' cash position.

Cytokinetics' shares soared 45 percent to touch a high of $3.02, making them one of the top percentage gainers on Nasdaq.

The cash generated from the program and financing removes a financial overhang and provides Cytokinetics with sufficient capital through 2012, Lazard Capital Markets analyst Joel Sendek wrote in a research note.

Sendek, who maintained his "buy" rating and a price target of $5.00 on Cytokinetics stock, estimates that the company will end its second quarter with about $135 million in cash.

As of March 31, the company had cash and cash equivalents totaling $48.5 million.   Continuación...