CymaBay Therapeutics Jumps 25% on Gilead Sciences’ $4.3 Billion Acquisition News

CymaBay Therapeutics Jumps 25% on Gilead Sciences’ $4.3 Billion Acquisition News Feb. 13, 2024, 11:44 a.m., readers: 9

Gilead Sciences (NASDAQ:GILD) revealed its plan to buy CymaBay Therapeutics (NASDAQ:CBAY) in a deal valued at $4.3 billion, aiming to enhance its liver disease treatment offerings. Following the announcement, CymaBay Therapeutics’ shares jumped more than 25% yesterday. Gilead has agreed to purchase CymaBay at $32.50 per share in cash, with expectations to finalize the acquisition in the first quarter of 2024. This acquisition grants Gilead access to CymaBay's leading drug candidate, seladelpar, which is in development for treating primary biliary cholangitis, a chronic inflammatory condition of the liver.