US bio firm Gilead Sciences to buy CymaBay Therapeutics for $4.3B

By Ovunc Kutlu

ISTANBUL (AA) - US-based biopharmaceutical firm Gilead Sciences said Monday it will acquire CymaBay Therapeutics for $32.50 per share in cash deal for a total equity value of $4.3 billion.

Gilead said the agreement will expand its commitment to patients with liver disease.

"Building on the strong research and development work by the CymaBay team to date, we have the potential to address a significant unmet need for people living with PBC and expand on our existing broad range of transformational therapies," Chairman and CEO Daniel O’Day said in a statement.

The company said PBC is a rare, chronic, cholestatic liver disease affecting one in 1,000 women over the age of 40, or about 130,000 total people in the US, which impairs liver function.

"Today’s agreement with Gilead is the culmination of years of focus and determination at CymaBay to advance (the drug) seladelpar and bring new hope to people living with PBC and their families," CymaBay Therapeutics President and CEO Sujal Shah said in the statement.

The US' Food and Drug Administration (FDA) has completed its filing review and accepted a new drug application for seladelpar, which regulates critical metabolic and liver disease pathways, according to the statement.

The FDA has granted priority review for seladelpar with a Prescription Drug User Fee Act target action date of this Aug. 14, it added.