In mid-December Gilead Sciences announced they had signed a deal to purchase the Canadian company YM Bioscience for $510m in cash ($2.95 per share). The purchase gives Gilead access to a second experimental drug to treat a rare blood and immune cell disorder.
YM’s leading drug candidate, CYT387, is a once a day, orally administered drug, implicated for a number of disorders including myeloproliferative diseases, inflammatory disorders and certain cancers. YM has reported positive data from phase I/II trials in 166 patients with myelofibrosis. Gilead intends to initiate a phase III clinical trial for CYT387 in the second half of 2013.
The acquisition further bolsters Gilead’s clinical program in the area of haematology and oncology. In recent years Gilead has sought to expand its expertise in the area of oncology through the appointment of leading researchers and establishing key partnerships and strategic acquisitions. At present Gilead’s lead candidate in the area of oncology is Idelalisib where there are currently 5 ongoing phase III trials. Gilead also has a number of other assets in development for pancreatic cancer, colorectal cancer, Indolent non-hodgkin’s lymphoma and chronic lymphocytic leukaemia.
To read the full press release from Gilead please click here
