Gilead Sciences plans to buy Immunomedics for $21 billion
Shares of the cancer drug specialist Immunomedics nearly doubled Monday, a day after its sale to Foster City’s Gilead Sciences for $21 billion was announced.
Gilead said on Sunday that it will pay $88 per share in cash as it seeks to broaden its cancer treatments portfolio. Immunomedics’ drug Trodelvy was granted accelerated approval by the U.S. Food and Drug Administration in April for the treatment of adult patients with
Foster City’s Gilead Sciences said it will buy biotechnology company Immunomedics for $21 billion.
metastatic triplenegative breast cancer who have received at least two prior therapies for metastatic disease. The drug is also being studied for bladder cancer, lung cancer and other solid tumor types.
The deal is expected to close in the fourth quarter.
Shares of Immunomedics, which is from New Jersey, rose 98% to close at $83.65. Gilead declined slightly at the start of the day, but ended up rising 2.2% to close at $66.34.