Gilead Sciences Inc. GILD is gearing up to purchase drug innovator Immunomedics Inc. IMMU for a price tag exceeding $20 billion.
Per the Wall Street Journal, Immunomedics — a biotech known for breast-cancer treatment Trodelvy — was initially a partner of Gilead before takeover talks began.
Terms are expected to be announced Monday.
Immunomedics, whose valuation hovers $10 billion, is just the latest in a series of deals Gilead made in 2020.
In June, Foster City, California-based Gilead acquired a 49.9% stake in cancer drug developer Pionyr Immunotherapeutics for $275 million. Before that, it spent $4.9 billion for Forty Seven Inc., a company that makes blood cancer treatments.
Gilead closed Friday, Sept. 11 at $65.58 a share, while Immunomedics shares closed at $41.93.
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