Gilead Sciences (GILD) has released an update.
Gilead Sciences, Inc. has announced an agreement to acquire CymaBay Therapeutics, Inc. through a merger, offering to buy all outstanding shares at $32.50 each. The tender offer will be available for at least 20 business days, with conditions including the majority acquisition of CymaBay’s shares and regulatory approvals. Upon successful completion of the tender offer, Gilead plans to merge with CymaBay, with the latter being the surviving entity. This strategic move aims to bolster Gilead’s portfolio, promising a significant cash payout to CymaBay’s shareholders and imposing certain limitations on seeking alternative acquisition proposals.
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