Gilead Sciences (NASDAQ:GILD) announced on Monday that it would acquire CymaBay Therapeutics (NASDAQ:CBAY) for $4.3 billion. The purchase is intended to expand Gilead's portfolio of liver disease treatments.
GILD will pay $32.50 per share in cash for the company, with the deal anticipated to close during the first quarter of 2024.
The agreement will enable Gilead to obtain access to CymaBay's primary drug candidate, seladelpar, for the treatment of primary biliary cholangitis, a form of chronic inflammatory liver disease.
The United States Food and Drug Administration (FDA) has already accepted a New Drug Application for seladelpar and granted a priority review.
We are looking forward to advancing seladelpar by leveraging Gilead’s long-standing expertise in treating and curing liver diseases,” said Daniel O’Day, CEO of Gilead Sciences. “Building on the strong research and development work by the CymaBay team to date, we have the potential to address a significant unmet need for people living with PBC and expand on our existing broad range of transformational therapies.”