FOSTER CITY, Calif. - Gilead Sciences, Inc. (NASDAQ:GILD) today completed its acquisition of CymaBay Therapeutics, Inc. (NASDAQ:CBAY) for a total equity value of approximately $4.3 billion. This strategic move incorporates CymaBay's seladelpar, an investigational drug for primary biliary cholangitis (PBC), into Gilead's liver disease portfolio.
The acquisition, which was first announced on February 12, 2024, concluded with Gilead's successful tender offer for all outstanding shares of CymaBay at $32.50 per share. As of today, CymaBay has become a wholly owned subsidiary of Gilead, and its shares will cease trading on the Nasdaq Global Select Market.
Daniel O'Day, Gilead's Chairman and CEO, recognized the CymaBay team's dedication to addressing the unmet medical needs in PBC, a chronic liver disease. Gilead aims to leverage seladelpar to potentially transform the treatment landscape for PBC patients, building on its two-decade legacy in liver disease treatment.
The transaction is anticipated to impact Gilead's 2024 earnings per share (EPS), with an estimated reduction of $3.10 to $3.20 on both GAAP and non-GAAP EPS, factoring in acquisition costs and associated operating expenses.
Seladelpar has yet to receive approval for use globally, and its safety and efficacy remain under investigation. The completion of this merger is part of Gilead's broader mission to develop innovative therapies for life-threatening diseases, including HIV, viral hepatitis, COVID-19, and cancer.
The financial details of the transaction, based on a press release statement, indicate a significant investment by Gilead into expanding its capabilities in addressing liver diseases, an area where the company has established a significant presence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.