⁍ Gilead Sciences Inc GILD.O will acquire biopharmaceutical company Immunomedics Inc IMMU.O for $21 billion.
⁍ The deal provides Gilead access to Immunomedics’ breast cancer treatment drug, Trodelvy.
⁍ Trodelvy was granted an accelerated FDA approval in April.
– Gilead Sciences says it will buy Immunomedics for $21 billion in a deal that will give the drugmaker access to Immunomedics’ breast cancer drug Trodelvy, Reuters reports. Trodelvy was granted accelerated FDA approval in April. “This acquisition represents significant progress in Gilead’s work to build a strong and diverse oncology portfolio,” Gilead CEO Daniel O’Day says in a statement. “We will now continue to explore its potential to treat many other types of cancer.” Trodelvy was approved by the FDA for the treatment of breast cancer that has metastasized, meaning the cancer has spread to other parts of the body, the Wall Street Journal reports.
Source: https://www.reuters.com/article/us-immunomedics-m-a-gilead-sciences/gilead-to-buy-cancer-drugmaker-immunomedics-for-21-billion-idUSKBN2640V8