Gilead Nears Deal to Buy Immunomedics for More Than $20 Billion
September 12 2020 - 3:22PM
Dow Jones News
By Cara Lombardo and Jonathan D. Rockoff
Gilead Sciences Inc. is nearing a deal to buy biotech
Immunomedics Inc. and its prized breast-cancer drug for more than
$20 billion, according to people familiar with the matter.
Immunomedics has a market value of roughly $10 billion following
a recent surge in its stock, meaning that Gilead is paying up to
secure ownership of the company.
A deal could be announced Monday if not sooner, assuming talks
don't fall apart and a rival drugmaker doesn't jump in, some of the
people said.
Immunomedics, based in Morris Plains, N.J., sells breast-cancer
drug Trodelvy, which would be attractive to several large
drugmakers, many of which have set their sights on adding more
fast-growing oncology therapies to their portfolios.
Breast cancer is one of the most lucrative segments of the
world-wide cancer-drugs market, which EvaluatePharma pegs at $157
billion this year. Trodelvy has shown signs of success in treating
lung and other cancers too. At a medical conference this coming
week, Immunomedics is expected to present data on Trodelvy's
performance against bladder cancer.
Write to Cara Lombardo at cara.lombardo@wsj.com and Jonathan D.
Rockoff at Jonathan.Rockoff@wsj.com
(END) Dow Jones Newswires
September 12, 2020 15:07 ET (19:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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