Gilead buys YM for $510m

US pharma company Gilead is to buy YM BioSciences, a drug discovery firm based in Ontario, Canada, for $510 million (£310 million).

The lead drug candidate at YM is CYT387, a selective inhibitor of the Janus kinase (JAK) enzymes, which are thought to be involved in several of disorders, including myeloproliferative diseases, inflammatory disorders and certain types of cancer.

Gilead is planning a Phase III trial of CYT387 against myelofibrosis in the second half of 2013.

YM gained CYT387 when it bought Australian biotech Cytopia in 2009.

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