Published on 13 Feb 2024 on Zacks via Yahoo Finance
Gilead (GILD) to Buy CBAY for $4.3B, Add PBC Drug to Pipeline
Gilead Sciences, Inc. GILD announced that it will acquire clinical-stage biopharmaceutical company, CymaBay Therapeutics, Inc. CBAY, for $32.50 per share in cash or a total equity value of $4.3 billion.
Shares of CBAY surged 25.8% on the acquisition news as the offer price represents 27% of the company’s closing share price as of Feb 9, 2024.
Financial Terms of the Acquisition