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Gilead to acquire Immunomedics for $21 billion

September 13, 2020. Summarized by summa-bot.

Gilead Sciences will acquire biopharmaceutical company Immunomedics for $21 billion, the company announced on Sunday. The acquisition will expand Gilead's portfolio of treatments for various types of cancer.

New York (CNN Business)Gilead Sciences will acquire biopharmaceutical company Immunomedics for $21 billion, the company announced on Sunday.

The acquisition will expand Gilead's portfolio of treatments for various types of cancer.

The deal with Immunomedics provides Gilead (GILD) with Trodelvy, an antibody drug for advanced triple-negative breast cancer.

"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. "

The dealwill be funded by $15 billion in cash on hand and roughly $6 billion in newly issued debt, Gilead said.

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