Gilead Completes $4.3-Bn Acquisition of CymaBay Therapeutics 

Gilead has completed its $4.3-billion acquisition of CymaBay Therapeutics, a Newark, California-based clinical-stage bio/pharmaceutical company. The deal was announced in February 2024. 

CymaBay’s lead candidate is seladelpar, an oral drug for treating primary biliary cholangitis (PBC), a rare, chronic, cholestatic liver disease. The drug was granted priority review by the US Food and Drug Administration (FDA), with a Prescription Drug User Fee Act (PDUFA) target action date of August 14, 2024. Seladelpar also received FDA breakthrough therapy designation for treating PBC, including pruritus (itching) in patients without cirrhosis or with compensated cirrhosis. The drug also received PRIME status from the European Medicines Agency (EMA), a process by which the EMA facilitates regulatory review for those drugs meeting unmet medical need, as well as orphan drug designation in the US and Europe for treating PBC. 

Gilead commenced a tender offer to acquire all outstanding shares of CymaBay at a price of $32.50 per share. On March 22, 2024, Gilead successfully completed the tender offer for all outstanding shares of common stock of CymaBay and accepted for payment all shares validly tendered and not withdrawn as of the expiration time of the tender offer, representing  approximately 77.3% of CymaBay’s outstanding shares (not including 5,095,996 shares delivered through notices of guaranteed delivery, representing approximately 4.2% of the shares outstanding). All outstanding shares of common stock of CymaBay were cancelled and converted into the right to receive cash equal to the $32.50 price per share. 

With the completion of the merger, CymaBay has become a wholly owned subsidiary of Gilead. 

Source: Gilead Sciences