Biopharmaceuticals company Gilead Sciences Inc. (GILD) said Friday it has completed its about $510 million acquisition of Canada-based YM BioSciences Inc. (YMI, YM.TO).
Gilead said that its subsidiary has acquired all of the outstanding common shares of YM pursuant to the terms of a plan of arrangement. As a result, YM has become a wholly-owned unit of Gilead and it is anticipated that the common shares of YM will no longer be listed for trading on the NYSE MKT LLC or the Toronto Stock Exchange, on or about February 12.
Shareholders of YM on the aforesaid date will be entitled to receive U.S. $2.95 per common share in cash, and holders of warrants and stock options will be entitled to receive a cash payment equal to the difference between U.S. $2.95 and the exercise price of such warrant or stock option.
Gilead in December agreed to acquire YM in a move to gain access to YM' research for a chronic bone-marrow disorder known as myelofibrosis.
YM's lead drug candidate is CYT387, an orally-administered, once-daily, selective inhibitor of the Janus kinase (JAK) family. The JAK enzymes have been implicated in a number of disorders including myeloproliferative diseases, inflammatory disorders and certain cancers.
YM BioSciences has reported positive results from a Phase 1/2 trial of CYT387 in patients with myelofibrosis - a progressive, chronic bone marrow disorder in which the marrow is replaced by fibrous scar tissue, making it difficult for the bone marrow to sufficiently produce blood cells, leading to anemia and spleen enlargement. Pending acquisition, Gilead plans to initiate a pivotal Phase 3 clinical trial of CYT387 in myelofibrosis in the second half of 2013.
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