Cytokinetics Sues Bristol-Myers Squibb to Protect MYQORZO from Patent Infringement Claims
CYTK has more than doubled off its 52-week low of $34.6 on light trading volume (0.3× avg).
Summary
Cytokinetics filed a declaratory judgment lawsuit against Bristol-Myers Squibb and its subsidiary MyoKardia in Delaware federal court, seeking to block any patent infringement claims against its heart disease drug MYQORZO. The company specifically references the '697 patent and asks the court to also protect its customers, dealers, suppliers, sellers, and distributors from infringement claims. This legal action follows the 8-K filed earlier today and comes as MYQORZO gains regulatory approvals and commercial traction in the U.S. and UK. The lawsuit signals potential patent litigation risk that could threaten the drug's market exclusivity and revenue prospects. Bristol-Myers Squibb has not yet responded to the complaint.
At the time of this announcement, CYTK was trading at $74.78 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $10.4B. The 52-week trading range was $34.60 to $88.31. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.