Gilead Sciences (GILD) announced the completion of the previously announced transaction to acquire CymaBay Therapeutics (CBAY) for $4.3B in total equity value. As a result of the completion of the merger, CymaBay has become a wholly owned subsidiary of Gilead and its common stock will no longer be listed for trading on the Nasdaq. This transaction is expected to be accounted for as an asset acquisition and reduce Gilead’s GAAP and non-GAAP 2024 earnings per share by approximately $3.10 – $3.20. Reflecting acquisition costs, associated operating expenses and lower interest income, Gilead expects the transaction will reduce Gilead’s GAAP and non-GAAP 2024 earnings per share by $3.35 – $3.45 relative to the 2024 guidance shared on February 6.
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