Cytokinetics Upsizes Convertible Notes Offering To $650 Mln

Cytokinetics

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(RTTNews) - Cytokinetics Inc. (CYTK) announced the pricing of its offering of $650.0 million aggregate principal amount of 1.75% convertible senior notes due 2031 in a private placement. The aggregate principal amount of the offering was increased from the previously announced offering size of $550.0 million.

The issuance and sale of the notes are scheduled to settle on September 19, 2025.

Cytokinetics estimates that the net proceeds from the offering will be approximately $632.0 million (or approximately $729.4 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers discounts and commissions and Cytokinetics estimated offering expenses.

Cytokinetics noted that it intends to use approximately $402.5 million of the net proceeds from the offering to pay the cash portion of the consideration in the note exchange transactions and the remainder of the net proceeds of this offering will be used to support the potential commercial launch of aficamten; to continue and expand the development program for aficamten; to advance its development and research pipeline, and for general corporate purposes, including potentially to retire the remaining 2027 notes before or at maturity of those notes that arnot exchanged and refinanced pursuant to this transaction and working capital.