logo
  Join        Login             Stock Quote

Gilead (GILD) To Acquire Canada's YM Biosciences (YMI) To Boost Oncology Portfolio

 December 12, 2012 09:35 AM
 


(By Balachander) Gilead Sciences Inc. (NASDAQ: GILD) agreed to acquire Canadian drug developer YM BioSciences Inc. (NYSEAMEX: YMI) for US$2.95 per share in cash in a move to strengthen its oncology portfolio.

The deal, which values YM at roughly US$510 million, represents a premium of 81 percent to the stock's previous closing price.

YM shares surged 78.5 percent in early trade on Wednesday, while GILD stock traded 0.52 percent higher.

YM BioSciences is primarily focused on advancing CYT387, an orally administered inhibitor of the Janus kinase (JAK) enzymes, which have been implicated in a number of disorders including myeloproliferative and inflammatory diseases as well as certain cancers.

[Related -Can Abbvie Inc (NYSE:ABBV) Trump Gilead Sciences, Inc.'S (NASDAQ:GILD) HCV Lead?]

Mississauga-based YM has reported positive results from a Phase 1/2 clinical trial of CYT387 in 166 patients with myelofibrosis, a progressive, chronic bone marrow disorder .

"Based on promising Phase 2 data, we believe CYT387 could provide important clinical benefit for patients with myelofibrosis, including potential improvements with regard to anemia and decreased dependence on blood transfusion," Foster City, California-based Gilead said.

Gilead said it plans to start a late-stage trial of CYT387 in myelofibrosis in the second half of 2013, pending completion of the deal. Gilead said it is also exploring its potential in other myeloproliferative diseases with significant unmet medical need.

[Related -Three Stocks Set For FDA News In Early December]

The deal is expected to be completed in the first quarter of 2013.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.