Gilead To Acquire Bio/Pharma Company CymaBay for $4.3 Bn
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Gilead has agreed to acquire CymaBay, a Newark, California-based clinical-stage bio/pharmaceutical company, for $4.3 billion. CymaBay’s lead candidate is seladelpar, an oral drug for treating primary biliary cholangitis (PBC), a rare, chronic, cholestatic liver disease.
Under the agreement, a wholly owned subsidiary of Gilead will commence a tender offer to acquire all of the outstanding shares of CymaBay’s common stock at a price of $32.50 per share in cash.
“We are looking forward to advancing seladelpar by leveraging Gilead’s long-standing expertise in treating and curing liver diseases,” said Daniel O’Day, the company’s chief executive.
“Building on the strong research and development work by the CymaBay team to date, we have the potential to address a significant unmet need for people living with PBC and expand on our existing broad range of transformational therapies,” he added. Gilead expects the deal to close quickly, before the end of the first quarter.
The transaction was approved by both the Gilead and CymaBay Boards of Directors and is anticipated to close during the first quarter of 2024, subject to regulatory approvals and other customary closing conditions.
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