Nothing about YM BioSciences (YMI)
was ever easy or entirely normal, so I suppose it's no great surprise
that this company's final story is a more than a little bit out of the
norm. Although it was not surprising to see that YM BioSciences got a
buyout bid, the fact that it is Gilead Sciences (GILD) stepping up for the deal certainly surprises me.
The Deal To Be
Assuming
that the deal goes through as announced, Gilead will be acquiring YM
BioSciences for $2.95 per share in case. That's a bill of about $510
million for Gilead, though YMI's cash on hand of about $125 million
offsets the net price by a meaningful amount. As a development-stage
biotech, YMI has no revenue or profits, though I would think Gilead
should be able to make use of at least some of YMI's accumulated tax
losses.
Read the full article here:
YM BioSciences's Strange Journey Comes To A Strange Conclusion
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