Cytokinetics priced a $650M convertible note offering to refinance older debt, lower interest, and support drug launch.

Cytokinetics announced the pricing of a $650 million offering of convertible senior notes due in 2031, up from an initial $550 million plan, to refinance its 2027 convertible notes. The new notes carry a 1.75% annual interest rate, a lower coupon than the prior notes, and feature a higher conversion price of about $68.42. Proceeds will support the potential commercial launch of aficamten, general corporate needs, and possibly retire remaining 2027 notes. The offering, set to close on September 19, 2025, includes an option for underwriters to buy up to $100 million more. The notes are senior, unsecured obligations, with interest paid semi-annually.