11:31 AM EDT, 06/05/2024 (MT Newswires) -- Cytokinetics ( CYTK ) said Wednesday it held "good faith negotiations" with a third party, but the third party did not proceed with an acquisition.

The company said it was approached by the third party leading up to and after its late December 2023 disclosure of the top-line results from a phase 3 clinical trial of aficamten. The third party was one of potential strategic partners that Cytokinetics ( CYTK ) held discussions with regarding aficamten in 2023, according to the company.

"The board was supportive of moving forward on a potential acquisition on substantially the terms the counterparty communicated to us and on terms that we believed were going to be mutually acceptable," Cytokinetics ( CYTK ) Chief Executive Robert Blum said.

Cytokinetics ( CYTK ) shares were up more than 7% in recent trading.

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