Gilead Sciences said on Monday it will buy cancer therapy partner Arcellx for an implied equity value of $7.8 billion, expanding their cell therapy development collaboration that started in 2022.
\nShares of Arcellx climbed 77.8% to $113.99 while Gilead fell about 1% in premarket trading.
\nGilead will pay $115 per share in cash at the deal’s closing, which is at a premium of 79% to the stock’s last close.
\nKite Pharma, a unit of Gilead Sciences, was partnering with Arcellx to jointly develop and sell anito-cel, an experimental CAR-T therapy for multiple myeloma, a type of blood cancer.
\nCAR-T cell therapy is a cancer treatment that uses a patient’s own genetically modified immune cells to find and kill cancer cells.
\nThe U.S. Food and Drug Administration is currently reviewing the therapy, with a decision expected by December 23 this year.
\nUpon FDA approval of anito-cel, the proposed transaction is expected to be accretive to earnings per share in 2028 and thereafter.
\nGilead will also pay Arcellx shareholders $5 per share, contingent upon the achievement of cumulative global net sales of anito-cel of at least $6 billion from launch through year-end 2029.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gilead Sciences said on Monday it will buy cancer therapy partner Arcellx for an implied equity value of $7.8 billion, expanding their cell therapy development collaboration that started in 2022. Shares of Arcellx climbed 77.8% to $113.99 while Gilead fell about 1% in premarket trading. Gilead will pay $115 per share in cash at the […]<\/p>\n","protected":false},"author":2,"featured_media":2678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[856],"class_list":{"0":"post-2677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sitefansalaran-industry-news","8":"tag-gilead-to-acquire-arcellx-for-7-8-billion"},"yoast_head":"\n