MISSISSAUGA, ON, Jan. 31, 2013 /CNW/ - YM BioSciences Inc. (NYSE MKT: YMI, TSX: YM) (the "Company" or "YM") is pleased to announce that, at the special
meeting (the "Meeting") of shareholders of the Company (the "YM
Shareholders") held earlier today, the YM Shareholders approved the
previously announced plan of arrangement (the "Arrangement") involving
the Company, Gilead Sciences, Inc. ("Gilead") and 3268218 Nova Scotia
Limited, a wholly-owned subsidiary of Gilead (the "Purchaser"). Under
the Arrangement, the Purchaser will acquire all of the issued and
outstanding common shares ("Common Shares") of the Company for cash
consideration of U.S.$2.95 per Common Share. In addition, holders of
warrants and options will each receive a cash payment equal to the
difference between U.S.$2.95 and the exercise price of such warrants or
options.
The special resolution approving the Arrangement required approval of YM
Shareholders constituting not less than a majority in number
representing three-quarters in value of the Common Shares, present
either in person or by proxy, at the Meeting. The Arrangement was
approved by 98.72% of the YM Shareholders representing 99.03% of the
votes cast by YM Shareholders represented in person or by proxy at the
Meeting.
Completion of the Arrangement remains subject to, among other things,
the final approval of the Supreme Court of Nova Scotia. The hearing
for the final court order to approve the Arrangement is scheduled to
take place on February 5, 2013. Assuming court approval is obtained
and all other closing conditions are satisfied or waived, it is
anticipated that the Arrangement will be completed on or about February 8, 2013.
Further details regarding the Arrangement are set out in the joint press
release dated December 12, 2012 and the management proxy circular of
the Company dated December 31, 2012, copies of which are available
under the corporate profile of the Company on SEDAR at www.sedar.com.
About YM
YM is a drug development company primarily focused on advancing CYT387,
an orally administered inhibitor of both the JAK1 and JAK2 kinases,
which have been implicated in a number of hematological and immune cell
disorders including myeloproliferative neoplasms and inflammatory
diseases as well as certain cancers. Positive results have been
reported from a Phase I/II trial of CYT387 in 166 patients with
myelofibrosis.
This press release may contain forward-looking statements, which reflect
YM's current expectation regarding future events. These forward-looking
statements involve risks and uncertainties that may cause actual
results, events or developments to be materially different from any
future results, events or developments expressed or implied by such
forward-looking statements. Such factors include, but are not limited
to, YM's ability to obtain court and other approvals in connection with
the proposed arrangement; uncertainties as to the timing of the
arrangement; the satisfaction of the conditions precedent to the
completion of the arrangement; changing market conditions; the
successful and timely completion of clinical studies; the establishment
of corporate alliances; the impact of competitive products and pricing;
new product development; uncertainties related to the regulatory
approval process or the ability to obtain drug product in sufficient
quantity or at standards acceptable to health regulatory authorities to
complete clinical trials or to meet commercial demand; and other risks
detailed from time to time in YM's ongoing quarterly and annual
reporting. Except as required by applicable securities laws, YM
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE: YM BioSciences Inc.