Cytokinetics (CYTK) on Tuesday announced an exclusive licensing collaboration for aficamten in Japan with Bayer (BAYRY), which JMP Securities tells investors unlocks more value from the best-in-class asset. The firm views the transaction, under which Cytokinetics will receive about $53M upfront as part of the agreement and is entitled to receive up to an additional $518M upon achievement of sales milestones and tiered royalties on Japanese sales of aficamten, positively, and as further demonstration of the global value of aficamten. JMP made no change to its Outperform rating or $78 price target.
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