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Gilead JAKs up oncology presence with $510m YM buy

 
• By Mandy Jackson

YM BioSciences surged 76.7% to close at $2.88 per share on 12 December after Gilead Sciences said it would pay $2.95 per share to buy YM and expand its oncology pipeline, valuing the Canadian developer of the selective janus kinase (JAK) 1 and 2 inhibitor CYT387 at US$510 million.

YM BioSciences surged 76.7% to close at $2.88 per share on 12 December after Gilead Sciences said it would pay $2.95 per share to buy YM and expand its oncology pipeline, valuing the Canadian developer of the selective janus kinase (JAK) 1 and 2 inhibitor CYT387 at US$510 million.

The all-cash transaction, which is expected to close in the first quarter of 2013, reflects high hopes for CYT387 as a viable competitor for InCyte's JAK1 and JAK2 inhibitor Jakafi (ruxolitinib) in the treatment of myelofibrosis, based on Phase I/II data presented at the American Society of Hematology (ASH) annual meeting in December 2011 (scripintelligence

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