A lab technician inspects filled vials of investigational coronavirus disease (COVID-19) treatment drug remdesivir at a Gilead Sciences facility in La Verne, California.
Gilead Sciences Inc | Reuters
Gilead Sciences will acquire biopharmaceutical company Immunomedics Inc. for $21 billion, a deal that will expand Gilead’s availability of cancer treatments, the company announced on Sunday.
The deal will provide Gilead access to Immunomedics’ cancer treatment drug called Trodelvy, an FDA-approved treatment for metastatic triple-negative breast cancer.
Gilead said it will acquire Immunomedics for $88 per share in cash. The offer will be funded through about $15 billion in cash on hand and $6 billion in newly issued debt. The transaction is anticipated to close in the fourth quarter of 2020, according to the statement.
“This acquisition represents significant progress in Gilead’s work to build a strong and diverse oncology portfolio,” Gilead Chief Executive Daniel O’Day said in a statement.
“Trodelvy is an approved, transformational medicine for a form of cancer that is particularly challenging to treat,” O’Day said. “We will now continue to explore its potential to treat many other types of cancer, both as a monotherapy and in combination with other treatments.”
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