(Reuters) - Gilead Sciences Inc will buy Canada's YM BioSciences Inc for about $465 million in cash to gain access to its experimental blood and immune cell disorder drug.
Gilead said it will pay $2.95 per YM share and plans to fund the acquisition with cash on hand.
YM shares, which closed at C$1.66 on Tuesday, were trading up 72 percent at $2.86 on the Toronto Stock Exchange.
Gilead, which is currently conducting mid-stage trials of its own drug for myelofibrosis, will begin a pivotal late-stage clinical trial of YM's lead drug, codenamed CYT387, in the second half of 2013.
The drug CYT387 is being tested in patients with myelofibrosis, a rare blood disorder with limited treatment options.
The transaction is expected to close in the first quarter of 2013.
BofA Merrill Lynch and Bloom Burton & Co were financial advisers of YM, while Gilead was advised by Wilson Sonsini Goodrich & Rosati and Blake Cassels and Graydon LLP.
Shares of Incyte Corp, which sells the drug Jakafi to treat myelofibrosis, fell 6 percent to $16.76 on news of Gilead's deal with YM.
Gilead shares were up slightly at $76.62 on the Nasdaq.
(Reporting by Adithya Venkatesan and Shounak Dasgupta in Bangalore; Editing by Roshni Menon)
Source: http://news.yahoo.com/gilead-buy-ym-biosciences-465-million-140637676--sector.html
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