CymaBay Therapeutics’ stock reaches record high following partnership with Gilead.

Title: CymaBay Therapeutics Soars 25% After Acquisition Agreement with Gilead Sciences

Introduction:
In a major development for the biopharmaceutical industry, CymaBay Therapeutics has announced its acquisition by Gilead Sciences for a whopping $4.3 billion. This news has sent CymaBay’s shares soaring nearly 25% and reaching a new record high in early trading.

Agreement Details:
The clinical-stage biopharmaceutical company has agreed to be acquired by Gilead Sciences, a leading biotechnology company known for its innovative treatments for HIV, hepatitis, and other diseases. Under the terms of the agreement, Gilead will pay $4.3 billion in cash to acquire all outstanding shares of CymaBay at a price of $12.50 per share.

Impact on CymaBay’s Shares:
The news of the acquisition has had a significant impact on CymaBay’s shares, with the stock price jumping nearly 25% in early trading. This surge has also pushed the stock to a new record high, indicating investor confidence in the deal and the potential for future growth.

Reasons for Acquisition:
Gilead’s decision to acquire CymaBay is driven by the latter’s promising pipeline of drugs, particularly its lead candidate, seladelpar. This drug is currently in phase 3 clinical trials for the treatment of primary biliary cholangitis,  

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