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

January 08, 2024 13:28 ET (18:28 GMT)

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