Gilead Sciences Inc. agreed to buy US cancer-focused biotech Arcellx Inc. for as much as $7.8 billion as it seeks to boost its drug pipeline.
Gilead, which owns 11.5% of Arcellx’s outstanding stock, will pay $115 per share in cash, with a contingent payment of $5 per share dependent on future sales, it said Monday. The price is almost double Arcellx’s Friday closing price.
Shares of Arcellx rose 78% at 9:32 am in New York, while Gilead’s stock slipped about 1%.
Gilead Sciences Inc. CEO Daniel O’Day
Source: EPA POOL
California-based Gilead is hunting for deals to expand beyond its focus on antiviral medicine into cancer and ...
