Gilead Sciences (GILD) and YM BioSciences (YMI) announced 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 $510M, with YM reporting C$125.5M in cash and cash equivalents as of September 30. Gilead plans to fund the acquisition with cash on hand. The transaction is expected to close in the first quarter of 2013. The transaction will require the approval of YM shareholders at a special meeting of YM shareholders, to be held as soon as reasonably practicable and in any event on or before February 11, 2013.
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