Gilead Sciences completes YM BioSciences takeover

Gilead Sciences has announced the completion of its previously-agreed takeover of YM BioSciences, a deal that was approved by directors in December 2012.

Following the completion of the acquisition, YM BioSciences has become a wholly-owned subsidiary of Gilead Sciences, with shareholders receiving payments after YM's shares were delisted from stock exchanges.

YM BioSciences is responsible for the creation of CYT387, an orally-administered once-daily selective JAK inhibitor that could be used in the treatment of myeloproliferative diseases, inflammatory disorders and certain cancers.

Having finalised the deal, Gilead Sciences plans to commence a phase III trial of the developmental compound among myelofibrosis in the second half of 2013.

Commenting last December, Gilead's chief scientific officer said: "Based on promising phase II data, we believe CYT387 could provide important clinical benefit for patients with myelofibrosis, including potential improvements with regard to anemia and decreased dependence on blood transfusions."

The compound will complement similar investigational therapies in the Gilead pipeline, including idelalisib and simtuzumab.