Daniel O'Day, Gilead CEO (Paras Griffin/Getty Images for ESSENCE)

Gilead bid against it­self in $4.3B deal for CymaBay, fil­ing shows

Gilead Sci­ences was the sole bid­der for liv­er dis­ease biotech CymaBay Ther­a­peu­tics and ul­ti­mate­ly hiked up its ini­tial pro­pos­al by $9.50 per share, ac­cord­ing to a new se­cu­ri­ties fil­ing from Feb. 23.

Like many of the bio­phar­ma ac­qui­si­tions in re­cent mem­o­ry, CymaBay’s pend­ing $4.3 bil­lion ex­it to Gilead was the re­sult of part­ner­ing dis­cus­sions. Be­tween late 2022 and ear­ly this year, CymaBay said it had talked with near­ly two dozen bio­phar­ma­ceu­ti­cal com­pa­nies about po­ten­tial part­ner­ships, per the Fri­day SEC pa­per­work.

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