MISSISSAUGA, ON, Feb. 5, 2013 /PRNewswire/ – YM BioSciences Inc. (NYSE MKT: YMI, TSX: YM) (the “Company” or “YM”) is pleased to announce that the Supreme Court
of Nova Scotia has issued a final order approving 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 US$2.95 per Common Share. In addition, holders of
warrants and options will each receive a cash payment equal to the
difference between US$2.95 and the exercise price of such warrants or
options.

Assuming all other closing conditions are satisfied or waived, it is
anticipated that the Arrangement will become effective on February 8, 2013 (the “Effective Date”). The Common Shares are expected to be
delisted from the Toronto Stock Exchange and NYSE MKT LLC promptly
following the Effective Date. Following completion of the Arrangement,
the Company will also apply to cease to be a reporting issuer under
applicable Canadian securities laws. In addition, the Company will be
eligible to terminate the registration of its Common Shares under the
United States Securities Exchange Act of 1934, which would mean that
the Company will no longer be required to file or furnish reports with
the United States Securities and Exchange Commission.

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, 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.