Gilead acquires cancer biotech for $4.9B

Gilead acquired Menlo Park, Calif.-based cancer biotech Forty Seven for $4.9 billion, the drugmaker said March 2. 

Advertisement

It is Gilead’s largest acquisition since it acquired Kite Pharma in 2017 for $11.9 billion, according to Endpoints News

Gilead paid more than twice what Forty Seven’s market cap was before word spread that Gilead had approached Forty Seven with an offer, Endpoints News reported. Other companies were reportedly also trying to buy Forty Seven.

The acquisition includes an antibody developed by Forty Seven to treat blood cancers that has shown promising results and that Gilead said could become a “first-in-class therapy.”

The deal is expected to close in the second quarter of this year.  

Read the full news release here

More articles on pharmacy:
CVS prescription mistakes prompt probe of staffing levels at Oklahoma pharmacy
Senators threaten to subpoena Express Scripts over insulin documents
GoodRx sharing patient data with Google, Facebook

Advertisement

Next Up in Pharmacy

Advertisement

Comments are closed.