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.