The smaller biotech company is working on a treatment for a liver disease called primary biliary cholangitis. Recent testing suggests CymaBay’s seladelpar could improve the hallmark itching associated with PBC. Gilead notes the acquisition will complement its existing portfolio of liver disease drugs.
“We are looking forward to advancing seladelpar by leveraging Gilead’s longstanding expertise in treating and curing liver diseases,” Gilead Chief Executive Daniel O’Day said in a written statement.
In premarket trades on today’s stock market, CymaBay stock surged 24.5% to 31.99. The deal values shares at $32.50 apiece. Gilead stock sank a fraction.
More to follow.
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