The Strategist

Gilead Sciences to buy anti-cancer drug maker Immunomedics for $21B

09/15/2020 - 03:32

Californian pharmaceutical company Gilead Sciences confirmed its plans to buy anti-cancer drug maker Immunomedics (New Jersey) by officially announcing the agreement.

The transaction amount is $ 21 billion, the payment will be made in cash. The terms of the merger have already received unanimous approval from the boards of directors of both companies, and the transaction is scheduled to be closed in the fourth quarter of this year.

Immunomedics caught the attention of large pharmaceutical corporations after US regulators approved its innovative breast cancer drug Trodelvy in the spring. The drug has already received good reviews from specialists.

“This acquisition signals significant progress in our efforts to build a rich portfolio of cancer drugs,” said Gilead Sciences CEO Daniel O'Day. “Trodelvy is an approved drug for the treatment of complex cancers. Together, we will now continue to explore the potential of this drug for treating other types of cancer, as well as its use as monotherapy and in combination with other treatments.”

After the announcement of the deal, Gilead shares gained 3.5%.