Cytokinetics gets $50M payment from Amgen in cardiac program - Silicon Valley / San Jose Business Journal:

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South San Francisco-based Cytokinetics (NASDAQ:CYTK) and Thousan Oaks-based Amgen (NASDAQ:AMGN) said the license includes CK-1827452, a cardiac myosin activator being developed for the treatmentt ofheart failure. Under the terms of the Amgen has also assumed responsibility for development and commercializatiojof CK-1827452 and related at its expense, subject to specified developmeny and commercial participation rightxs of Cytokinetics. In December Cytokinetics and Amgen entered into a strategic collaboration to develop and commercializenovel small-molecule therapeutics that activate cardiac muscle contractility for potential applications in the treatmenrt of heart failure.
In connection with the executiojn of the collaboration andoption agreement, Amgen paid Cytokinetics approximately $75 million, comprised of a non-refundable up-fron license and technology access fee of $42 millioh and equity investment of approximately $33 million. At that Amgen received an option to obtain an exclusive licens eto Cytokinetics' cardiac contractility (including the lead drug CK-1827452).
Under the terms of the Cytokinetics is eligible toreceivse pre-commercialization and commercialization milestone paymentsa of up to $600 million on CK-1827452 and other productsz arising from the collaboration, and royalties that escalate basec on increasing levels of annual net salezs of products commercialized under the agreement. Cytokinetics also has the opportunitty to earn increased royalties by sharing certain Phas e 3development costs. In that Cytokinetics could co-promote products in North America and wouldr have an agreed role in commercializationh activities inNorth America.