By Ben Glickman
Shares of Cytokinetics jumped Monday after the Wall Street Journal reported the company was close to being bought by Novartis.
The stock was up 16% to $109.22 after the news broke, reversing declines earlier in the day. Shares have more than doubled in the last year.
A deal could be finalized as soon as this week, people familiar with the situation told WSJ. Cytokinetics has been running a sale process and another buyer could potentially emerge.
Novartis shares were down 0.4% to $105.90.
Cytokinetics shares surged last month after releasing positive data for a potential treatment for hypertrophic cardiomyopathy, a genetic heart condition.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
01-08-24 1328ET