Gilead Sciences to buy Immunomedics in $21bn deal

Gilead Sciences has agreed to buy biotech company Immunomedics in a $21bn deal.

Gilead said on Sunday that it will pay $88 per share in cash for Immunomedics, which will strengthen its cancer drug portfolio. The deal has been unanimously approved by the boards of both companies and is expected close in the fourth quarter of the year.

The transaction will provide Gilead with access to Trodelvy, which was granted accelerated approval by the US Food and Drug Administration in April for the treatment of adult patients with metastatic triple-negative breast cancer.

Daniel O’Day, chairman and chief executive officer of Gilead Sciences, said: "This acquisition represents significant progress in Gilead’s work to build a strong and diverse oncology portfolio.

"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."