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Gilead Sciences Completes Acquisition Of CymaBay Therapeutics

March 22, 2024 — 10:06 am EDT

Written by RTTNews.com for RTTNews->

(RTTNews) - Friday, Gilead Sciences, Inc. (GILD) announced the successful acquisition of CymaBay Therapeutics, Inc. (CBAY) for around $4.3 billion.

This acquisition involved a tender offer where the majority of CymaBay's shares were bought at $32.50 each.

Following the merger, CymaBay now operates as a fully owned subsidiary of Gilead, and CymaBay's common stock is no longer available for trading on the Nasdaq.

The acquisition is expected to strengthen Gilead's market position by broadening its portfolio with CymaBay's promising investigational lead product candidate, Seladelpar, targeted for treating primary biliary cholangitis and pruritus.

This transaction is projected to impact Gilead's GAAP and non-GAAP 2024 earnings per share by approximately $3.10 - $3.20.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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