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Amgen (AMGN) Ends Deal With Cytokinetics for Heart Candidate

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Amgen (AMGN - Free Report) has decided to terminate the collaboration deal with Cytokinetics Incorporated (CYTK - Free Report) related to its investigational candidate, omecamtiv mecarbil. Amgen said that it will transition development and commercialization rights for omecamtiv mecarbil and AMG 594 to Cytokinetics.

Cytokinetics said that it will have no trailing royalty payment obligations to Amgen for either omecamtiv mecarbil or AMG 594.

Shares of the company have decreased 5.3% year to date while the industry did not show any movement.

Omecamtiv mecarbil is an investigational cardiac myosin activator, developed for the potential treatment of heart failure with reduced ejection fraction (HFrEF), and was evaluated in GALACTIC-HF, a phase III cardiovascular outcomes study. The study met the primary composite efficacy endpoint by demonstrating a statistically significant effect to reduce cardiovascular (CV) death or heart failure events when treated with omecamtiv mecarbil as compared to placebo.

However, omecamtiv mecarbil failed to achieve the secondary endpoint of reduction in CV death in the given patient population.

AMG 594, a novel mechanism cardiac troponin activator, is in phase I development for HFrEF and other types of heart failure.

Amgen remains committed to working toward advancing its innovative therapies, including its Lp(a) inhibitor olpasiran (AMG 890), which is currently in a phase II study being evaluated for the treatment of cardiovascular diseases.        

Zacks Rank & Stocks to Consider

Amgen currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the healthcare sector include ASLAN Pharmaceuticals Ltd. (ASLN - Free Report) and Abeona Therapeutics Inc. (ABEO - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

ASLAN’s loss per share estimates have narrowed from 42 cents to 40 cents for 2020 and from 60 cents to 57 cents for 2021 over the past 60 days. Shares of the company have decreased 37.5% year to date.

Abeona’s loss per share estimates have narrowed from 96 cents to 88 cents for 2020 and from 69 cents to 64 cents for 2021 over the past 60 days. Shares of the company have decreased 52% year to date.

 

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