CymaBay rises on $4.3 bln buyout deal by Gilead

CymaBay Therapeutics

12/02/2024 14:10

** Shares of drug developer CymaBay Therapeutics  CBAY.O 
rise 24.6% to $32.0 premarket
    ** Gilead Sciences  GILD.O  says it will acquire CBAY for
$4.3 billion, in a bid to expand its portfolio of liver disease
drugs
    ** Under the deal, GILD will gain access to CymaBay's lead
drug candidate, seladelpar, for the treatment of primary biliary
cholangitis — a type of chronic inflammatory liver disease
    ** GILD will pay CBAY $32.50 per share in cash, representing
a premium of 26.5% to Friday's close
    ** U.S. health regulator has accepted CBAY's marketing
application for seladelpar under priority review and will decide
on the use of the drug by Aug. 14
    ** Up to last close, CBAY has more than tripled in the last
12 months

 (Reporting by Mariam E Sunny in Bengaluru)