“The acquisition of CymaBay brings us a potential best-in-disease therapy that could transform the treatment landscape for people with primary biliary cholangitis,” stated Daniel O’Day, Chairman and Chief Executive Officer of Gilead Sciences. “I want to thank the CymaBay team for their efforts and commitment to addressing this high unmet need. We look forward to advancing seladelpar and building on Gilead’s more than 20-year legacy of treating and curing liver disease on a global scale.”

The transaction, initiated on February 12, 2024, through a definitive merger agreement, involved a tender offer to acquire all outstanding shares of CymaBay at $32.50 per share. Gilead successfully completed the tender offer on March 22, 2024, acquiring approximately 77.3% of CymaBay’s outstanding shares.

As a result of the merger, CymaBay has become a wholly owned subsidiary of Gilead, and its common stock will no longer be listed for trading on the Nasdaq Global Select Market.

The acquisition of CymaBay aligns with Gilead’s commitment to developing transformational medicines for liver diseases, leveraging its extensive experience and expertise in the field.

However, it's essential to note that seladelpar, CymaBay’s investigational lead product candidate for the treatment of primary biliary cholangitis (PBC) including pruritus, is still under investigation and has not been approved for use anywhere globally. Its safety and efficacy are yet to be established.

This transaction is expected to be accounted for as an asset acquisition and may result in a reduction of Gilead’s GAAP and non-GAAP earnings per share (EPS) for 2024 by approximately $3.10 - $3.20. Including acquisition costs and associated operating expenses, this reduction could be around $3.35 - $3.45 relative to the full year 2024 guidance shared on February 6, 2024.