By Colin Kellaher
Gilead Sciences has agreed to buy CymaBay Therapeutics for $4.3 billion in a deal that expands Gilead's liver portfolio.
Gilead on Monday said it will pay $32.50 a share in cash for CymaBay, a nearly 27% premium to Friday's closing price of $25.69 for the Newark, Calif., clinical-stage biopharmaceutical company.
Gilead, a Foster City, Calif., biopharmaceutical company, said the addition of CymaBay's investigational lead product candidate seladelpar for the treatment of primary biliary cholangitis complements its existing liver portfolio.
The U.S. Food and Drug Administration is currently reviewing CymaBay's application seeking approval of seladelpar in primary biliary cholangitis, a chronic and progressive liver disease, with a target action date of Aug. 14.
Gilead said it expects to complete the acquisition in the first quarter.
Trading in shares of CymaBay was halted premarket on Monday.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires