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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Gilead Sciences, Inc.    GILD

GILEAD SCIENCES, INC.

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Gilead Sciences : to acquire Immunomedics for $21 billion

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09/17/2020 | 12:31pm EDT

Gilead Sciences has announced it has acquired Immunomedics for approximately $21 billion, at $88 per share in cash. The transaction is anticipated to close during the fourth quarter of 2020.

The agreement will provide Gilead with TrodelvyTM (sacituzumab govitecan-hziy), a first-in-class Trop-2 directed antibody-drug conjugate (ADC) that was granted accelerated approval by the US Food and Drug Administration (FDA) for the treatment of adult patients with metastatic triple-negative breast cancer (mTNBC).

Immunomedics plans to submit a supplemental Biologics License Application (BLA) to support full approval of Trodelvy in the US in the fourth quarter of 2020.

"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," said Daniel O'Day, Chairman and Chief Executive Officer of Gilead Sciences. "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."

"We are very pleased that Gilead recognised the value of Trodelvy - both for the important role it has already begun to play for patients with mTNBC and for its potential to help many other patients with cancer in the future," said Dr Behzad Aghazadeh, Executive Chairman of Immunomedics. "We are excited for the opportunities ahead of us as we join with Gilead to advance our shared mission in defeating cancer. By working with Gilead, we have the opportunity to accelerate our progress and improve care for patients in need of new therapies."

The tender offer is not subject to a financing condition and will be funded through approximately $15 billion in cash on hand, as well as approximately $6 billion in newly issued debt.

The post Gilead Sciences to acquire Immunomedics for $21 billion appeared first on European Pharmaceutical Review.

© Russell Publishing Limited, 2020. All Rights Reserved., source Trade Journals


Stocks mentioned in the article
ChangeLast1st jan.
GILEAD SCIENCES, INC. 0.20% 60.79 Delayed Quote.-6.45%
IMMUNOMEDICS, INC. 0.05% 87.86 Delayed Quote.315.22%
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Financials (USD)
Sales 2020 24 029 M - -
Net income 2020 2 246 M - -
Net Debt 2020 3 105 M - -
P/E ratio 2020 37,0x
Yield 2020 4,42%
Capitalization 76 214 M 76 214 M -
EV / Sales 2020 3,30x
EV / Sales 2021 3,24x
Nbr of Employees 11 800
Free-Float 99,6%
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 78,08 $
Last Close Price 60,79 $
Spread / Highest target 72,7%
Spread / Average Target 28,4%
Spread / Lowest Target -6,23%
EPS Revisions
Managers
NameTitle
Daniel P. O'Day Chairman & Chief Executive Officer
Andrew D. Dickinson Chief Financial Officer
William A. Lee Executive Vice President-Research
Merdad V. Parsey Chief Medical Officer
George Pratt Shultz Director-Emeritus
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