Cytokinetics Announces Proposed Private Placement of $550.0 Million of Convertible Senior Notes
Cytokinetics (NASDAQ: CYTK) has announced plans to offer $550.0 million in convertible senior notes due 2031 through a private placement to qualified institutional buyers. The company will also grant initial purchasers an option for an additional $82.5 million in notes.
The notes will be senior, unsecured obligations with semi-annual interest payments. Cytokinetics plans to use the proceeds to support the commercial launch of aficamten, expand its development program, advance its research pipeline, and for general corporate purposes. Additionally, the company intends to exchange a portion of its existing 3.50% convertible senior notes due 2027 through privately negotiated transactions.
The notes will be convertible under certain conditions, with settlements made in cash, common stock, or a combination of both, at Cytokinetics' discretion.Cytokinetics (NASDAQ: CYTK) ha annunciato piani per offrire 550,0 milioni di dollari in bonds convertibili senior non garantiti con scadenza nel 2031, tramite collocamento privato presso acquirenti istituzionali qualificati. La società concederà inoltre agli acquirenti iniziali l’opzione di sottoscrivere ulteriori 82,5 milioni di dollari di obbligazioni.
Le obbligazioni saranno unsecured senior obligations con interessi semestrali. Cytokinetics intende utilizzare i proventi per sostenere il lancio commerciale di aficamten, espandere il programma di sviluppo, avanzare nel proprio pipeline di ricerca e per scopi generali aziendali. Inoltre, l’azienda intende scambiare una parte delle attuali note convertibili senior al 3,50% in scadenza 2027 tramite transazioni negoziate private.
Le obbligazioni saranno convertibili in determinate condizioni, con regolamenti in contanti, azioni ordinarie o una combinazione di entrambi, a discrezione di Cytokinetics.
Cyto... (NASDAQ: CYTK) ha anunciado planes para ofrecer 550,0 millones de dólares en bonos convertibles senior no garantizados con vencimiento en 2031, mediante colocación privada ante compradores institucionales cualificados. La empresa también otorgará a los compradores iniciales una opción para adquirir 82,5 millones de dólares adicionales en bonos.
Los bonos serán obligaciones senior no garantizadas con intereses semestrales. Cytokinetics planea usar los fondos para apoyar el lanzamiento comercial de aficamten, ampliar su programa de desarrollo, avanzar en su portafolio de investigación y para fines corporativos generales. Además, la compañía tiene la intención de canjear parte de sus actuales notas convertibles senior al 3,50% con vencimiento en 2027 mediante transacciones negociadas de forma privada.
Los bonos serán convertibles bajo ciertas condiciones, con liquidaciones en efectivo, acciones comunes o una combinación de ambas, a discreción de Cytokinetics.
Cytokinetics(NASDAQ: CYTK)는 2031년 만기의 전환가능한 우선 채권을 자격을 갖춘 기관투자자들을 대상으로 비공개 배정을 통해 5억 5천만 달러를 발행할 계획이라고 발표했습니다. 또한 초기 매수자에게 추가로 8250만 달러 상당의 채권에 대한 옵션을 부여합니다.
채권은 무담보의 선순위 채무이며 반년마다 이자를 지급합니다. Cytokinetics는 조달금을 aficamten의 상용 출시를 지원하고, 개발 프로그램을 확장하며, 연구 파이프라인을 추진하고 일반 기업 용도로 사용할 예정입니다. 또한 기존의 2027년 만기 3.50%의 전환가능 채권 일부를 비공개 협상을 통해 교환할 계획입니다.
채권은 특정 조건하에 전환 가능하며 현금, 보통주 또는 두 가지의 조합으로 결제가 이루어질 수 있습니다. 결제 방식은 Cytokinetics의 재량에 따라 결정됩니다.
Cytokinetics (NASDAQ: CYTK) a annoncé son plan d’émettre 550,0 millions de dollars d’obligations convertibles senior non garanties arrivant à échéance en 2031, par placement privé auprès d’acheteurs institutionnels qualifiés. La société offrira également aux acheteurs initiaux une option pour des titres supplémentaires d’un montant de 82,5 millions de dollars.
Les obligations seront des dettes senior non garanties, avec des paiements d’intérêts semestriels. Cytokinetics envisage d’utiliser les fonds pour soutenir le lancement commercial d’aficamten, élargir son programme de développement, faire progresser son portefeuille de recherches et pour des besoins généraux de l’entreprise. De plus, l’entreprise a l’intention d’échanger une partie de ses notes convertibles senior au taux de 3,50 % échéant en 2027 par des transactions négociées privément.
Les obligations seront convertibles sous certaines conditions, avec des règlements en espèces, en actions ordinaires ou une combinaison des deux, à la discrétion de Cytokinetics.
Cytokinetics (NASDAQ: CYTK) hat Pläne angekündigt, 550,0 Millionen US-Dollar in wandelbare Senior-Anleihen mit Fälligkeit 2031 durch eine private Platzierung bei qualifizierten institutionellen Käufern zu begeben. Das Unternehmen wird den Erstkäufern zudem eine Option auf zusätzliche 82,5 Millionen US-Dollar an Anleihen einräumen.
Die Anleihen werden unbesicherte, vorrangige Verbindlichkeiten mit halbjährlichen Zinszahlungen sein. Cytokinetics beabsichtigt, die Erlöse zu verwenden, um den kommerziellen Start von aficamten zu unterstützen, sein Entwicklungsprogramm auszubauen, seine Forschungs-Pipeline voranzutreiben und für allgemeine Unternehmenszwecke zu verwenden. Zusätzlich plant das Unternehmen, einen Teil seiner bestehenden 3,50%-Wandelanleihen mit Fälligkeit 2027 durch privat verhandelte Transaktionen umzutauschen.
Die Anleihen werden unter bestimmten Bedingungen wandelbar sein, Abrechnungen erfolgen je nach Ermessen von Cytokinetics in Bar, in Stammaktien oder in einer Kombination beider Formen.
أعلنت Cytokinetics (NYS: CYTK) عن خطط لإصدار سندات قابلة للتحويل من الدرجة الأولى بقيمة 550.0 مليون دولار82.5 مليون دولار.
تكون السندات ديوناً عالية الأولوية غير مضمونة مع دفعات فائدة نصف سنوية. تخطط Cytokinetics لاستخدام العوائد لدعم الإطلاق التجاري لـ aficamten، وتوسيع برنامج التطوير، وتقدم خط أنابيب البحث، ولأغراض عامة للشركة. كما تعتزم الشركة تبادل جزء من سنداتها القابلة للتحويل من الدرجة الثالثة 3.50% المستحقة عام 2027 من خلال صفقات تفاوضية خاصة.
يمكن تحويل السندات وفقاً لشروط محددة، مع إجراء التسويات نقداً أو بأسهم عادية أو مزيج من الاثنين، وفقاً لتقدير Cytokinetics.
Cytokinetics（纳斯达克：CYTK）宣布计划通过向合格机构投资者进行私募，发行总额为5.5亿美元、到期日为2031年的可转换高级债券。公司还将给予初始购买者对额外的8250万美元债券的选择权。
这些债券为无担保的高级债券，利息按半年支付。Cytokinetics计划使用募集资金支持aficamten的商业上市、扩大开发计划、推进研究管线，并用于一般企业用途。此外，公司还计划通过私下协商交易，置换部分现有的3.50%年息、到期2027年的可转换高级债券。
债券在特定条件下可转换，结算方式可为现金、普通股，或两者的组合，由Cytokinetics自行决定。
- Additional capital of up to $632.5 million to fund operations and growth
- Proceeds will support commercial launch of aficamten and pipeline development
- Opportunity to restructure existing debt through 2027 notes exchange
- Potential dilution for existing shareholders if notes are converted to common stock
- Increased debt obligations and interest payment requirements
- Exchange transactions may temporarily impact stock price due to hedging activities
Insights
Cytokinetics raising $550M through convertible notes to fund aficamten commercialization and refinance existing debt.
Cytokinetics is undertaking a significant capital raise through a $550 million private placement of convertible senior notes due 2031, with an option for purchasers to acquire an additional $82.5 million. This financing structure offers notable flexibility as the notes can be settled in cash, stock, or a combination at the company's discretion when converted.
The strategic allocation of proceeds reveals the company's priorities: (1) refinancing existing debt by exchanging a portion of their 2027 convertible notes, (2) funding the potential commercial launch of aficamten, (3) expanding aficamten's development program, and (4) advancing their broader pipeline and general operations.
The refinancing component is particularly noteworthy as it extends their debt maturity timeline from 2027 to 2031, providing additional runway for their commercialization efforts. This reflects management's confidence in their long-term prospects while addressing near-term capital needs.
The market dynamics around this offering deserve attention. The company has structured concurrent note exchange transactions with existing 2027 noteholders, which may trigger hedging activity in Cytokinetics' common stock. This could temporarily increase share prices during the pricing period of the new notes, potentially resulting in a higher effective conversion price for the new notes - a subtle but important advantage for the company.
For a biopharmaceutical company preparing for commercial launch, this capital infusion represents a critical step in transitioning from a development-stage organization to a commercial entity. The focus on aficamten suggests it remains their lead asset with the nearest-term revenue potential.
SOUTH SAN FRANCISCO, Calif., Sept. 16, 2025 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (“Cytokinetics”) (Nasdaq: CYTK) today announced its intention to offer, subject to market conditions and other factors,
The notes will be senior, unsecured obligations of Cytokinetics and will accrue interest payable semi-annually in arrears. The notes will mature on October 1, 2031, unless earlier converted, redeemed or repurchased by Cytokinetics. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Cytokinetics will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Cytokinetics’ election. The interest rate, initial conversion rate, repurchase or redemption rights and other terms of the notes will be determined at the time of pricing of the offering.
Cytokinetics intends to use a portion of the net proceeds from the offering to pay the cash portion of the consideration in the note exchange transactions as described below. Cytokinetics intends to use the remainder of the net proceeds of this offering (a) to support the potential commercial launch of aficamten, (b) to continue and expand the development program for aficamten, (c) to advance its development and research pipeline, and (d) for general corporate purposes, including working capital.
Cytokinetics expects to use a portion of the net proceeds from the offering and to issue shares of its common stock in exchange for a portion of its outstanding
In connection with any note exchange transactions, Cytokinetics expects that holders of the 2027 notes who agree to have their 2027 notes exchanged and who have hedged their equity price risk with respect to such 2027 notes (the “hedged holders”) will, concurrently with, or shortly after, the pricing of the notes, unwind all or part of their hedge positions by buying Cytokinetics’ common stock and/or entering into or unwinding various derivative transactions with respect to its common stock. The amount of Cytokinetics’ common stock to be purchased by the hedged holders or the notional number of shares of Cytokinetics’ common stock underlying such derivative transactions may be substantial in relation to the historic average daily trading volume of Cytokinetics’ common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of Cytokinetics’ common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price for the notes. Cytokinetics cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or its common stock.
The offer and sale of the notes, any shares of common stock issuable upon conversion of the notes and any shares of common stock issuable in connection with any note exchange transaction have not been, and will not be, registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any state or jurisdiction.
About Cytokinetics
Cytokinetics is a specialty cardiovascular biopharmaceutical company, building on its over 25 years of pioneering scientific innovations in muscle biology to advance a pipeline of potential new medicines for patients suffering from diseases of cardiac muscle dysfunction. Cytokinetics is readying for potential regulatory approvals and commercialization of aficamten, a cardiac myosin inhibitor following positive results from SEQUOIA-HCM, the pivotal Phase 3 clinical trial in patients with obstructive hypertrophic cardiomyopathy (HCM). Aficamten is also being evaluated in additional clinical trials enrolling patients with obstructive and non-obstructive HCM. Cytokinetics is also developing omecamtiv mecarbil, a cardiac myosin activator, in patients with heart failure with severely reduced ejection fraction (HFrEF), ulacamten, a cardiac myosin inhibitor with a mechanism of action distinct from aficamten, for the potential treatment of heart failure with preserved ejection fraction (HFpEF) and CK-089, a fast skeletal muscle troponin activator with potential therapeutic application to a specific type of muscular dystrophy and other conditions of impaired skeletal muscle function.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the completion, timing and size of the proposed offering, the intended use of the proceeds, the terms of the notes being offered, the timing or amount of any exchanges of the 2027 notes by Cytokinetics and the potential impact of the foregoing or related transactions on the market price of Cytokinetics’ common stock or the price of the notes. Forward-looking statements represent Cytokinetics’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Cytokinetics’ common stock and risks relating to Cytokinetics’ business, including those described under the caption “Risk Factors” and elsewhere in Cytokinetics’ filings with the Securities and Exchange Commission (the “SEC”), including in its Annual Report on Form 10-K for the period ended December 31, 2024, filed with the SEC on February 27, 2025 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2025 and June 30, 2025, filed with the SEC on May 6, 2025 and August 7, 2025, respectively, and other filings that Cytokinetics makes from time to time with the SEC. Cytokinetics may not consummate the proposed offering or note exchange transactions described in this press release and, if the proposed offering or note exchange transactions are consummated, cannot provide any assurances regarding the final terms thereof, the notes or Cytokinetics’ ability to effectively apply the net proceeds of the proposed offering as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Cytokinetics does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Contact:
Cytokinetics, Inc.
Diane Weiser
Senior Vice President, Corporate Affairs
(650) 624-3060
FAQ
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