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Gilead advances in CymaBay acquisition with antitrust clearance

EditorEmilio Ghigini
Published 03/11/2024, 08:36 PM
©  Reuters

FOSTER CITY, Calif. - Gilead Sciences, Inc. (NASDAQ:GILD) has cleared a significant hurdle in its pursuit to acquire CymaBay Therapeutics (NASDAQ:CBAY), Inc., with the expiration of the Hart-Scott-Rodino (HSR) Antitrust Improvements Act waiting period on March 8, 2024. This development satisfies one of the necessary conditions to finalize the tender offer for the biopharmaceutical company.

The tender offer, which was initially filed with regulatory authorities on February 22, 2024, is part of Gilead's strategy to expand its portfolio of innovative treatments. The offer is set to expire at 12:01 a.m., Eastern Time, on March 21, 2024, unless extended. Completion of the tender offer is contingent upon a minimum tender of shares representing a majority of the outstanding common stock of CymaBay.

Gilead is known for its contributions to medicine over the past three decades, focusing on the treatment and prevention of life-threatening diseases such as HIV, viral hepatitis, COVID-19, and cancer. The company operates globally across more than 35 countries, with its headquarters located in Foster City, California.

The acquisition of CymaBay is expected to enhance Gilead's product pipeline, although the company cautions that forward-looking statements in the press release are not guarantees of future performance and are subject to risks and uncertainties. These statements include projections about the ability to complete the acquisition and the potential benefits of integrating CymaBay's products into Gilead's business.

The tender offer is being made to all CymaBay stockholders at $32.50 per share. The terms and conditions of the tender offer have been detailed in documents filed with the U.S. Securities and Exchange Commission (SEC) and are available to all CymaBay stockholders.

Investors and security holders are advised to read the tender offer materials and the solicitation/recommendation statement filed by CymaBay with the SEC, as they contain important information. These documents are available at no charge on the SEC's website and from the companies involved in the tender offer.

This news is based on a press release statement from Gilead Sciences, Inc. and does not constitute an endorsement of the company or its potential acquisition.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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