Gilead Eyes Takeover Of Cancer Biotech Forty Seven: Report

Shares of thinly-traded cancer biotech Forty Seven Inc FTSV are advancing Friday on reports of a takeover interest.

Gilead Sciences, Inc. GILD, which is contending with an aging AIDS franchise and a flailing NASH program, has made overtures to Forty Seven, according to a Bloomberg, citing people with knowledge of the information.

Gilead reportedly is considering several options, including forging a partnership. The Bloomberg report said Forty Seven had received takeover interest from other companies as well.

Forty Seven is an immuno-oncology company focused on developing therapies to activate macrophages to fight against cancer. The company's pipeline includes Magrolimab, an anti-CD47 antibody, which is being evaluated in partnership in mid-stage and preclinical studies as a combo therapy for several cancer types.

In pre-market trading, Forty Seven shares were jumping 22.98% to $60, while Gilead was slipping 2.7% to $70.65.

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