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Cytokinetics Declines 8% Following $450 Mln Notes Offering

Shares of Cytokinetics, Incorporated (CYTK) are down more than 4% Thursday morning at $44.58.

This follows the company on Wednesday announcing its plan to offer $450 million aggregate principal amount of convertible senior notes due 2027.

Cytokinetics said it will settle conversions by way of cash, stock or a combination of both at its discretion.

The company intends to use a a portion of the net proceeds to issue its common stock to repurchase a portion of its outstanding 4.00% convertible senior notes due 2026. The remaining portion is expected to be used to finance its ongoing clinical development program for aficamten in patients with hypertrophic cardiomyopathy.

CYTK has been trading in the range of $17.72-$49.41 in the past 52 weeks.

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