Gilead Bets $21 Billion on Oncology Market
Gilead Sciences, Inc. (NASDAQ: GILD) kicked off this week with a multi-billion acquisition of Immunomedics (NASDAQ: IMMU). The pharmaceutical giant reached an agreement to buy Immunomedics for $21 billion, or $88 per share, a 108% premium to Immunomedics’ closing price on September 11, 2020. Immunomedics generated trailing 12-month revenues of $20.37 million. The deal will be funded through approximately $15 billion in cash on hand, as well as approximately $6 billion in newly issued debt. Immunomedics is a leader in next-generation antibody-drug conjugate (ADC) technology focused on researching therapeutics for hard-to-treat cancers, and is most known for its product Trodelvy, an ADC... Read More »
Gilead Signs New Immunotherapy Partnership
Gilead Sciences, Inc. (NASDAQ: GILD), just a few months after its $4.9 billion purchase of Forty Seven, Inc. (NASDAQ: FTSV), has signed a 10-year partnership agreement to co-develop and co-commercialize next generation cancer immunotherapy with Arcus Biosciences (NYSE: RCUS). Gilead will provide $175 million upfront, a $200 million equity investment, and more than $1.6 billion in potential R&D funding. The deal includes immediate rights to zimberelimab, an investigational anti-PD-1 monoclonal antibody, as well as the right to opt-in to all other current Arcus clinical candidates. Arcus is eligible to receive up to $1.225 billion in opt-in and milestone payments with respect to its... Read More »
Pharmaceutical Firms Are Cleaning House to Profit
There’s no doubt it was an unusually slow February in the healthcare M&A market. Historically, the middle of Q1 tends to dip and then rebound by March, but with less than 100 deals on the books, the rapid spread of the coronavirus, Covid-19, seems to have undercut investor confidence, both big and small. And although some biotech stocks have soared following announcements of their coronavirus treatment efforts, pharmaceutical firms have been relatively quiet. Aside from some players like Gilead (NASDAQ:GILD), which just announced a $4.9 billion acquisition of Forty Seven, Inc. (NASDAQ: FTSV) and whose product remdesivir is seen a hope as a potential treatment for Covid-19, no... Read More »
Deal of the Week: Celgene/Impact
Biotechnology deals are off to a strong start in 2018, thanks to the Biotech Showcase 2018 held every year alongside the J.P. Morgan Healthcare Conference. In the first two weeks, 16 transactions were made public. This year, the Showcase registration desk was just getting into full swing on Sunday, January 7, when Celgene Corp. (NASDAQ: CELG) announced its $1.1 billion acquisition of Impact Biomedicines, a privately held biotech based in San Diego. The draw is Impact’s lead product candidate, fedratinib, a highly selective JAK2 kinase inhibitor that is being evaluated for myelofibrosis and polycythemia vera. Fedratinib was evaluated in 877 patients across 18 clinical trials. In a... Read More »Schedule a demo
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