Gilead To Explore Trodelvy Drug Against Different Cancers After $21B Merger With Immunomedics
Saturday about a potential acquisition deal, Gilead Sciences Inc (NASDAQ: GILD) confirmed that it’s set to purchase Immunomedics Inc (NASDAQ: IMMU).” data-reactid=”19″>After initial reports emerged on Saturday about a potential acquisition deal, Gilead Sciences Inc (NASDAQ: GILD) confirmed that it’s set to purchase Immunomedics Inc (NASDAQ: IMMU).
According to a company statement on Sunday, Gilead is anticipating the close of this definitive agreement sometime in the fourth quarter of the year.
Of the total consideration, approximately $15 billion will be paid in cash and the balance through a new debt issue.
The merger will be routed through one of Gilead’s wholly-owned subsidiary by way of a tender offer.
Trodelvy – a drug for breast cancer, which received accelerated approval from the Food and Drug Administration in April.” data-reactid=”28″>Why Does It Matter: The merger deal will give Gilead access to Trodelvy – a drug for breast cancer, which received accelerated approval from the Food and Drug Administration in April.
Although additional compliances for Trodelvy are underway, the company expects full approval in the U.S. sometime in the next quarter.
According to the statement, Immunomedics would file for approvals with the European regulators in the first half of next year.
“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,” Gilead CEO Daniel O’Day said.
Immunomedics shares gained 0.76% to close at $42.25, the same day.
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