Gilead is approaching a deal to buy immunomedics for more than $ 20 billion

A Gilead Sciences office is shown on May 1, 2018 in Foster City, California.

Stephen Lam | Reuters

The Wall Street Journal reported on Saturday that Gilead Sciences Inc. is about to buy a deal to buy biomimotherapy company Immunomedics Inc. in a deal worth more than $ 20 billion.

A deal for immunomedics, whose cancer therapy Trödelvi has been approved by the FDA as a third-line treatment for an aggressive type of breast cancer called metastatic triple-negative breast cancer, may be announced Monday if not sooner , So the journal said, citing people familiar with the case.

The magazine said that the discussion between Gilead and Immunomedics was initially centered around a partnership before being moved to a full-fledged takeover negotiation.

Gilead and Immunomedics did not immediately respond to email requests for comment from Reuters.

Shares of Immunomedics, which reported positive data from a late-stage confirmation study for Trodelvi last month, nearly doubled this year, giving the company a valuation of close to $ 10 billion.

An acquisition of Immunomedics will this year carry out several deals aimed at expanding its oncology portfolio, which Gilead has incorporated.

It bought a 49.9% stake in cancer drug developer Pionyr Immunotherapeutics for $ 275 million in June, just months after paying $ 4.9 billion to Forty Seven Inc, the maker of experimental treatments targeting blood cancer.