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By Michael Dabaie
Amgen Inc. shares rose 2% to $214.59 in afternoon trading.
Before the market open, Amgen, Cytokinetics Inc. and Servier said they would continue the GALACTIC-HF Phase 3 heart failure trial following a planned interim analysis. The companies said the Data Monitoring Committee recommended the Phase 3 clinical trial of omecamtiv mecarbil in patients with heart failure continue without changes.
Topline results are expected in the fourth quarter.
GALACTIC-HF completed enrollment of more than 8,200 patients in 35 countries who were either hospitalized at the time of enrollment for a primary reason of heart failure, or had a hospitalization or admission to an emergency room for heart failure within one year prior to screening.
Omecamtiv mecarbil is being developed by Amgen in collaboration with Cytokinetics, with funding and strategic support from Servier.
In 2006, Cytokinetics and Amgen entered into a strategic alliance for therapeutics for the potential treatment of heart failure.
Amgen holds an exclusive, world-wide license to omecamtiv mecarbil and related compounds, subject to Cytokinetics' specified development and commercialization rights. Cytokinetics is eligible for pre-commercialization and commercialization milestone payments and royalties.
Cytokinetics shares were down 5.6% to $13.89 in afternoon trading.
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(END) Dow Jones Newswires
February 26, 2020 15:25 ET (20:25 GMT)
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