Business Maverick

Business Maverick

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.

Gilead Sciences Inc. will acquire Immunomedics Inc. for about $21 billion cash to add breast-cancer treatments, the companies said in a statement.

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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