Why is CymaBay (CBAY) Stock Up 25% Today?

CymaBay (NASDAQ:CBAY) stock is rising higher on Monday after the clinical-stage biopharmaceutical company announced an acquisition agreement with Gilead Sciences (NASDAQ:GILD).That deal has Gilead Sciences agreeing to acquire CymaBay for $4.3 billion. This has it agreeing to pay $32.50 per share in cash for CBAY stock via a tender offer. That’s a 27% premium compared to the stock’s closing price on Friday.Gilead Sciences is acquiring CymaBay for its lead product candidate, seladelpar. This is a treatment in ...