Gilead expands oncology portfolio, acquires Immunomedics for $21B

Gilead will purchase Immunomedics, a Morris Plains, N.J.-based cancer drugmaker, for $21 billion, the company announced Sept. 13.

The deal, which is anticipated to close during 2020's fourth quarter, stipulates that Gilead pay $88 a share in cash for Immunomedics, which had a closing share price of $42.25 on Sept. 11.

"This acquisition represents significant progress in Gilead's work to build a strong and diverse oncology portfolio," Gilead CEO Daniel O'Day said in a news release. "Trodelvy is an approved, transformational medicine for a form of cancer that is particularly challenging to treat. 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. We look forward to welcoming the talented Immunomedics team to Gilead so we can continue to advance this important new medicine for the benefit of patients with cancer worldwide."

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