MARKETS

CymaBay’s stock surges as Gilead reaches $4.3 billion deal for liver-drug maker

Gilead Sciences Inc.
GILD,
-0.16%
said Monday it has reached a deal to acquire CymaBay Therapeutics Inc.
CBAY,
+24.25%
for $32.50 per share in cash, a 27% premium to CymaBay’s closing price Friday, for a total deal equity value of $4.3 billion. CymaBay’s lead asset is seladelpar, an investigational treatment for primary biliary cholangitis, a type of liver disease that causes bile-duct damage. The U.S. Food and Drug Administration has granted priority review to seladelpar, and a regulatory decision is expected by mid-August. Subject to regulatory approval, the deal is expected to close in the first quarter of this year, the companies said. Gilead shares fell 0.2% premarket on Monday, while trading in CymaBay shares was halted pending the announcement.

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