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Gilead Sciences acquires YM BioSciences

Wednesday, February 6, 2013 11:12 AM

The Supreme Court of Nova Scotia has issued a final order approving the previously announced plan involving YM BioSciences, Gilead Sciences and Nova Scotia Limited, a wholly-owned subsidiary of Gilead. Nova Scotia Limited will acquire all of the issued and outstanding common shares of YM BioSciences for cash consideration of $2.95 per common share.

In addition, holders of warrants and options will each receive a cash payment equal to the difference between $2.95 and the exercise price of such warrants or options. Assuming all other closing conditions are satisfied or waived, the acquisition is expected to close February 8. Common shares will be delisted from the Toronto Stock Exchange.

YM BioSciences is a drug development company primarily focused on advancing CYT387, an orally administered inhibitor of both the JAK1 and JAK2 kinases, which have been implicated in a number of hematological and immune cell disorders including myeloproliferative neoplasms and inflammatory diseases, as well as certain cancers. Positive results have been reported from a phase I/II trial of CYT387 in 166 patients with myelofibrosis.

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