CymaBay Therapeutics’ (Nasdaq: CBAY) shares surged 24.5% to $31.99 pre-market, on the news of an acquisition bid from US major Gilead Sciences (Nasdaq: GILD).
Gilead has offered $32.50 per CymaBay share in cash or a total equity value of $4.3 billion, with the transaction anticipated to close during the first quarter of 2024,
Following successful completion of the tender offer, Gilead will acquire all remaining shares not tendered in the offer through a second step merger at the same price as in the tender offer. Upon Food and Drug Administration (FDA) approval of seladelpar, the proposed deal is expected to enhance Gilead’s revenue growth, and it is also expected that the transaction will be approximately neutral to earnings per share in 2025 and significantly accretive thereafter.
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