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

GILEAD SCIENCES, INC.

(GILD)
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Gilead's shares rise after $21 billion deal for Immunomedics

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09/14/2020 | 11:55am EDT
FILE PHOTO: Gilead Sciences Inc pharmaceutical company in California, U.S.

Shares of Gilead Sciences Inc rose 3.2% on Monday, reversing their premarket losses as investors shrugged off concerns over the steep premium the U.S. drugmaker was willing to pay for Immunomedics Inc.

Gilead on Sunday agreed to buy the biopharmaceutical company for $21 billion and acquire all the outstanding shares of Immunomedics for $88 per share, at a premium of about 108% over Friday's closing price of $42.25.

The deal gives Gilead access to Immunomedics' cancer treatment drug, Trodelvy, which was granted an accelerated approval in April by the U.S. Food and Drug administration for an aggressive and tough-to-treat type of breast cancer.

Brokerage Jefferies said investors may take some time to digest the deal, but it believed the deal offered a path for Gilead to quickly move into the solid tumors market.

Brokerage Oppenheimer views the purchase price as "reasonable", and said the cancer drug "slots neatly" in Gilead's oncology strategy.

Earlier in the day, at least two brokerages raised concerns about the deal price.

Baird said Trodelvy should give Gilead a "nice addition" to cement its foothold in the cancer treatment sphere, but that it was "less than thrilled" about the price.

SVB Leerink expected the main push back from investors to be about the deal price, not the product or the commercial opportunity.

"Gilead's purchase price is at a 300% premium to where Immunomedics traded at the start of the year, and more than 100% higher than where the stock had recently traded," the brokerage said.

Gilead's shares rose 3.3% to $67 in morning trading, after falling as much as 2% before the opening bell on Monday.

(Reporting by Vishwadha Chander in Bengaluru; Editing by Shinjini Ganguli)


Stocks mentioned in the article
ChangeLast1st jan.
GILEAD SCIENCES, INC. -0.03% 60.55 Delayed Quote.-6.79%
IMMUNOMEDICS, INC. 0.13% 87.72 Delayed Quote.314.04%
OPPENHEIMER HOLDINGS INC. 0.44% 25.12 Delayed Quote.-8.99%
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Financials (USD)
Sales 2020 24 005 M - -
Net income 2020 2 180 M - -
Net Debt 2020 3 105 M - -
P/E ratio 2020 37,6x
Yield 2020 4,43%
Capitalization 75 913 M 75 913 M -
EV / Sales 2020 3,29x
EV / Sales 2021 3,29x
Nbr of Employees 11 800
Free-Float 99,6%
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Technical analysis trends GILEAD SCIENCES, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 78,29 $
Last Close Price 60,55 $
Spread / Highest target 73,4%
Spread / Average Target 29,3%
Spread / Lowest Target -5,86%
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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