Novartis Backs Away From Its Pursuit of Cytokinetics

Novartis has backed away from its pursuit of Cytokinetics, the Wall Street Journal reported on Thursday, citing sources.

Shares of Cytokinetics slumped over 25% on the news in afternoon trade.

The Swiss pharmaceutical giant’s move came in the past day or two, the report said. Novartis or another suitor could re-emerge as Cytokinetics runs its sale process, it added.

Read the source article at Yahoo Finance