JonesResearch downgraded CymaBay Therapeutics (CBAY) to Hold from Buy without a price target following the announcement of its proposed acquisition by Gilead (GILD). The firm expects CymaBay shares to continue to trade near the announced acquisition price of $32.50 per share between now and closing of the transaction. It believes the acquisition represents a reasonable premium and ultimately an accretive transaction for acquirer Gilead. It anticipates no major barriers such as antitrust concerns and competing bids to arise that may potentially delay or derail the transaction.
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