04:52 AM EDT, 05/23/2024 (MT Newswires) -- Cytokinetics ( CYTK ) said late Wednesday it priced an underwritten public offering of about 9.8 million common shares at $51 per share for expected gross proceeds of about $500 million.

The company also granted the underwriters a 30-day option to buy up to an additional about 1.5 million shares. The offering is expected to close on May 28.

Cytokinetics' ( CYTK ) share price dropped more than 14% in premarket activity Thursday.

Price: 51.34, Change: -7.89, Percent Change: -14.74