Gilead Sciences (NASDAQ: GILD) has moved one step closer to finalizing its cash tender offer for the acquisition of fellow US company CymaBay Therapeutics (NASDAQ: CBAY), following the expiration of a mandatory waiting period under local laws last week. The two companies had previously submitted regulatory filings for approval of the merger.
There are still conditions to be met before the tender offer can be completed, with the offer set to expire on March 21, 2024. Under the terms of the agreement, Gilead has committed to paying a total of USD 4.3 billion for CymaBay. This acquisition would give Gilead access to CymaBay’s Phase III candidate, seladelpar, which is being developed for the treatment of primary biliary cholangitis (PBC), including its symptom pruritus.- Flcube.com
