Gilead Sciences, Inc. has finalized its acquisition of CymaBay Therapeutics, Inc. for an approximate total equity value of $4.3 billion. This strategic move integrates seladelpar, CymaBay’s investigational product for treating primary biliary cholangitis (PBC), including symptoms like pruritus, into Gilead’s robust liver disease portfolio. This acquisition aligns with Gilead’s commitment to providing innovative treatments for liver diseases, leveraging their established legacy over the past two decades in treating and curing such conditions.

Daniel O’Day, Gilead’s Chairman and CEO, underscored the importance of seladelpar as a potentially transformative therapy for PBC, expressing gratitude towards the CymaBay team for their dedication to addressing the unmet needs of patients with liver diseases. Gilead looks forward to furthering the development of seladelpar and continuing its mission to enhance liver disease treatments.

Following the announcement of a definitive merger agreement on February 12, 2024, Gilead initiated a successful tender offer to acquire all outstanding shares of CymaBay at $32.50 per share on February 23, 2024. This tender offer was successfully completed on March 22, 2024, with approximately 77.3% of CymaBay’s outstanding shares tendered. An additional 5,095,996 shares were delivered through Notices of Guaranteed Delivery, representing about 4.2% of the shares outstanding.

Following the merger completion on March 22, 2024, CymaBay has become a wholly owned subsidiary of Gilead, with CymaBay’s common stock being delisted from the Nasdaq Global Select Market. This transaction is anticipated to be accounted for as an asset acquisition and is projected to reduce Gilead’s GAAP and non-GAAP 2024 EPS by approximately $3.10 – $3.20, considering acquisition costs, associated operating expenses, and the impact on interest income.

Source link: http://www.businesswire.com/news/home/20240322979704/en/Gilead-Sciences-Announces-Completion-of-Acquisition-of-CymaBay

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Ferry Darma
Ferry Darma is Director of Media Relations at The Clinical Trial Vanguard. Ferry, a computer data scientist, focuses on the latest clinical trial industry news and trends.