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Biotech / Medical : Incyte (INCY)

INCY 106.00

+0.8%

Nov 7 9:30 AM EST

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From: scaram(o)uche	12/12/2012 9:03:24 AM
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Gilead Sciences to Acquire YM BioSciences - Adds Selective JAK Inhibitor to Growing Oncology and Inflammation Pipeline - FOSTER CITY, Calif. & MISSISSAUGA, Ontario--(BUSINESS WIRE)-- Gilead Sciences, Inc. (GILD) and YM BioSciences Inc. (NYSE MKT: YMI, TSX: YM) announced today that the companies have signed a definitive agreement under which Gilead will acquire YM for U.S.$2.95 per share in cash. The transaction has received the unanimous approval of YM’s Board of Directors, and values YM at approximately U.S.$510 million, with YM reporting C$125.5 million in cash and cash equivalents as of September 30, 2012. Gilead plans to fund the acquisition with cash on hand. The transaction is expected to close in the first quarter of 2013. (snip) finance.yahoo.com

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