The deal with Immunomedics provides Gilead (GILD) with Trodelvy, an antibody drug for advanced triple-negative breast cancer. The drug was given accelerated FDA approval in April. Immunomedics will be acquired by $88 per share in cash -- more than double the $42.25 at which shares traded on Friday's close.
"This acquisition represents significant progress in Gilead's work to build a strong and diverse oncology portfolio," Gilead Chairman and CEO, Daniel O'Day said in a statement. "Trodelvy is an approved, transformational medicine for a form of cancer that is particularly challenging to treat. 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."
The deal is anticipated to close in the fourth quarter of 2020, according to the companies. The dealwill be funded by $15 billion in cash on hand and roughly $6 billion in newly issued debt, Gilead said.
https://news.google.com/__i/rss/rd/articles/CBMiU2h0dHBzOi8vd3d3LmNubi5jb20vMjAyMC8wOS8xMy9pbnZlc3RpbmcvZ2lsZWFkLWltbXVub21lZGljcy1hY3F1aXNpdGlvbi9pbmRleC5odG1s0gFXaHR0cHM6Ly9hbXAuY25uLmNvbS9jbm4vMjAyMC8wOS8xMy9pbnZlc3RpbmcvZ2lsZWFkLWltbXVub21lZGljcy1hY3F1aXNpdGlvbi9pbmRleC5odG1s?oc=5
2020-09-13 20:28:00Z
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