Gilead Sciences to Acquire YM BioSciences
On December 12, 2012, Foster City, California-based biopharmaceutical company Gilead Sciences and Canadian drug development company YM BioSciences announced that they have signed a definitive agreement under which Gilead will acquire YM for US$2.95 per share in cash, or approximately US$510 million. Wilson Sonsini Goodrich & Rosati advised Gilead in connection with the transaction.
YM BioSciences' lead drug candidate, CYT387, is an orally administered inhibitor of both the JAK1 and JAK2 kinases, which have been implicated in a number of hematological and immune cell disorders. The acquisition will enable Gilead to add a complementary clinical program in the area of hematologic cancers to its growing oncology portfolio.
The transaction has been approved by YM's board of directors and is expected to close in the first quarter of 2013, subject to the satisfaction of customary closing conditions.
The Wilson Sonsini Goodrich & Rosati team that advised Gilead in the matter includes corporate partners Marty Korman and Denny Kwon; technology transactions partner Ian Edvalson; corporate associates Zach Patton and Lawrence Lee; and technology transactions associates Farah Gerdes, Yang Yang, and Norman Hovijitra.
For more information, please see Gilead's press release.