Cytokinetics strikes royalty deal for omecamtiv mecarbil

Cytokinetics Inc. (NASDAQ:CYTK) is to receive $100 million in a deal with Royalty Pharma (New York, N.Y.) for royalties tied to heart failure candidate omecamtiv mecarbil (AMG 423). The biotech also said it will exercise an option under its deal with Amgen Inc. (NASDAQ:AMGN) allowing it to invest $40 million in the candidate's Phase III development, co-promote the candidate and receive additional royalties.

Royalty Pharma will receive a 4.5% royalty on omecamtiv mecarbil sales. The royalty rate would rise to 5.5% if U.S. marketing approval is delayed...