Adds shares in paragraph 2, details from report in paragraphs 3 & 5, background in paragraphs 4 & 7Jan 11 (Reuters) - Novartis NOVN.S has backed away from its pursuit of Cytokinetics CYTK.O, the Wall Street Journal reported on Thursday, citing sources. Shares of Cytokinetics slumped over 25% on the news in afternoon trade. Novartis or another suitor could re-emerge as Cytokinetics runs its sale process, it added. Cytokinetics could also pursue another type of deal like a capital raise, the WSJ report said. Both Novartis and Cytokinetics said they do not comment on market rumors and speculation.

Source: Wall Street Journal January 12, 2024 07:38 UTC