Gilead Sciences announces YM BioSciences acquisition

Gilead Sciences has announced the acquisition of YM BioSciences, a deal which adds a promising new clinical asset to its portfolio.

The takeover agreement has been valued at around $510 million (316.27 million pounds) and has received the unanimous approval of YM's board of directors, with the acquisition set to be finalised in the first quarter of 2013.

YM is primarily focused on advancing the development of CYT387, an orally administered inhibitor of both the JAK1 and JAK2 kinases that has demonstrated potential in phase I/II trials.

It is thought this compound could offer benefits in the treatment of haematological and immune cell disorders, including myeloproliferative neoplasms and inflammatory diseases, as well as certain cancers.

Dr Norbert Bischofberger, Gilead's executive vice-president for research and development and chief scientific officer, said: "This acquisition represents an opportunity to add a complementary clinical program in the area of haematologic cancers to our growing oncology portfolio."

During the third quarter of 2012, Gilead Sciences reported total revenues of $2.43 billion, which was up by 14 percent year over year.