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Gilead Sciences has acquired biotech company Immunomedics in a $ 21 billion deal that will expand the availability of Gilead’s cancer treatment, the companies announced on Sunday.
The deal would give the drug Trödelvi the use of Gilead, an FDA-approved treatment for metastatic triple-negative breast cancer.
Gilead said it would acquire Immunomedics for $ 88 per share in cash. The proposal would be funded through approximately $ 15 billion in cash and $ 6 billion in newly issued debt. According to the statement, the transaction is projected to close in the fourth quarter of 2020.
“This acquisition represents significant progress in Gilead’s work to build a strong and diversified oncology portfolio,” Gilead chief executive Daniel O’Day said in a statement.
“Trodelvi is an approved, transformational drug 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.”
Immunomedics has a market value of about $ 10 billion after the company’s shares nearly doubled this year.
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