CymaBay Therapeutics (CBAY) has released an update.
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CymaBay Therapeutics has entered into a merger agreement with Gilead Sciences, whereby Gilead will acquire CymaBay through a cash tender offer, followed by a merger. Shareholders of CymaBay will receive $32.50 per share, with the transaction hinging on customary conditions including a majority of CymaBay’s shares being tendered. The deal also offers cash payouts for certain equity awards at the time of the merger’s effective completion. This strategic acquisition is subject to regulatory approvals, and CymaBay is bound by a no-shop clause with stipulations allowing them to consider superior offers under specific conditions.
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