Cytokinetics CEO Robert Blum is on my Worst CEO shortlist again, and other thoughts

Thoughts about Cytokinetics after Wednesday night’s financing announcement:

1. Management is raising $500 million at $51 per share, when the stock was at $45 per share before the aficamtem study readout in December. That’s shocking. Somehow, management has not only removed all the M&A premium from the stock, but much or most of aficamtem’s value, too.

2. Omecamtiv’s resurrection: Are you kidding me? No one thinks bringing back this heart failure drug is a good idea, except management. Making it worse, the terms of the Royalty Pharma loan are, again, shocking. All the risk is borne by Cytokinetics. Royalty, in fact, may do better if omecamtiv fails.

STAT+ Exclusive Story

Already have an account? Log in

This article is exclusive to STAT+ subscribers

Unlock this article — plus in-depth analysis, newsletters, premium events, and news alerts.

Already have an account? Log in

Individual plans

Group plans

Monthly

$39

Totals $468 per year

$39/month Get Started

Totals $468 per year

Starter

$30

for 3 months, then $399/year

$30 for 3 months Get Started

Then $399/year

Annual

$399

Save 15%

$399/year Get Started

Save 15%

11+ Users

Custom

Savings start at 25%!

Request A Quote Request A Quote

Savings start at 25%!

2-10 Users

$300

Annually per user

$300/year Get Started

$300 Annually per user

View All Plans

To read the rest of this story subscribe to STAT+.

Subscribe

Log In