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Gilead in Advanced Talks for Immunomedics, Bid More Than $20 Billion

Gilead Sciences Inc. will acquire Immunomedics Inc. for about $21 billion cash to add breast-cancer treatments, the companies said in a statement.
Gilead in Advanced Talks for Immunomedics, Bid More Than $20 Billion Health authorities were conducting swab tests and screening residents of vanderbijlpark,the coronavirus pandemic has caused most country to be on lockdown. Felix Dlangamandla.
Bloomberg
By Bloomberg
13 Sep 2020
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Foster City, California-based Gilead would value Immunomedics at more than twice as much as what the maker of the Trodelvy breast-cancer drug was valued at on Friday.Pharmaceutical companies have been coveting Immunomedics since the Food and Drug Administration unexpectedly accelerated approval for Trodelvy in April, after a study showed the drug beat back triple negative breast cancer for almost four months longer than chemotherapy in patients getting the medication as a third line of therapy. The hard-to-treat disease doesn’t respond to many of the current treatment regimens. Immunomedics plans to file for full approval of the medicine later this year.

Morris Plains, New Jersey-based Immunomedics has a market capitalization of $9.8 billion after the shares almost doubled this year. Gilead was valued at $82.2 billion as of Friday. Its shares were little changed in the year-to-date.

“This acquisition represents significant progress in Gilead’s work to build a strong and diverse oncology portfolio,” Daniel O’Day, Gilead’s chairman and chief executive officer, said in the statement.

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