Gilead to acquire YM BioSciences

Gilead Sciences Inc. (NASDAQ:GILD) will acquire YM BioSciences Inc. (TSX:YM; NYSE-M:YMI) for $2.95 per share, or about $510.3 million based on 173 million fully diluted YM shares. The price is an 81% premium to YM's close of $1.63 on Tuesday, before the deal was announced. YM's CYT387 has completed a Phase II trial in myelofibrosis. Gilead plans to start a Phase III trial of the Janus kinase-1 (JAK-1) and JAK-2 inhibitor in the indication in 2H13. YM's board unanimously approved the deal, which is subject to YM shareholder approval and expected to close next quarter. BofA Merrill Lynch and Bloom Burton are advising YM. ...