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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on NVS:
- M & A News: CYTK Stock Drops, Novartis Deal Hopes Diminish
- Cytokinetics slips after Novartis CEO says M&A focus on ‘bolt ons’
- Cytokinetics jumps after WSJ says Novartis close to takeover
- Novartis in advanced talks to acquire Cytokinetics, WSJ reports
- Novartis to acquire Calypso Biotech for $250M upfront, up to $175M in milestones
