Novartis (NVS) is backing away from its pursuit of Cytokinetics (CYTK), the Wall Street Journal’s Dana Cimilluca and Lauren Thomas. The Swiss pharma giant had been expected to clinch a deal for the heart-drug developer as soon as this week, but Novartis backed away “sometime in the past day or two,” according to people familiar with the matter. Cytokinetics has been running a sale process, and it’s possible Novartis or another suitor could re-emerge or the company could pursue another type of deal, according to the report.
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