On Friday, Gilead Sciences, Inc. announced the successful procurement of CymaBay Therapeutics, Inc. The estimated cost of the acquisition was around $4.3 billion.
The purchase process involved a tender offer where Gilead bought a majority of CymaBay's shares at a price of $32.50 each. As a result of the merger, CymaBay now functions as a wholly-owned subsidiary of Gilead. Consequently, CymaBay's common stock has been delisted from the Nasdaq and has ceased trading.
The strategic acquisition looks to solidify Gilead's market position by expanding its portfolio with CymaBay's promising investigational key product candidate, Seladelpar. This lead candidate is aimed at treating primary biliary cholangitis and pruritus.
The financial implications of this transaction for Gilead are expected to materialize by 2024, potentially affecting both its GAAP and non-GAAP earnings per share by an estimated $3.10 - $3.20.
