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Will Amgen (AMGN) Stock Be Helped by Servier Drug Partnership Extension?

NEW YORK (TheStreet) -- Shares of Amgen (AMGN) were down in late-afternoon trading on Thursday despite the Thousand Oaks, CA-based biotechnology company announcing today that it's extending a chronic heart failure drug partnership with French pharmaceutical company Servier.

Servier will commercialize the drug, called omecamtiv mercarbil, in Europe, Russia and other areas. The drug is being developed by Amgen and the San Francisco-based biopharmaceutical company Cytokinetics (CYTK) and works to improve cardiac muscle performance.