Immunomedics Shares More Than Double After Gilead Deal
September 14 2020 - 8:26AM
Dow Jones News
By Michael Dabaie
Immunomedics Inc. shares more than doubled premarket Monday, up
106% to $87.17.
On Sunday, Gilead Sciences Inc. said it would acquire
Immunomedics for $88 a share in cash.
The deal, which values Immunomedics at about $21 billion, was
unanimously approved by both the Gilead and Immunomedics boards and
is anticipated to close during the fourth quarter of 2020, Gilead
said. Gilead shares were down 1% to $64.21 premarket.
The deal will provide Gilead with Trodelvy, which was granted
accelerated approval by the U.S. Food and Drug Administration for
the treatment of adult patients with metastatic triple-negative
breast cancer who have received at least two prior therapies for
metastatic disease. Immunomedics plans to submit a supplemental
biologics license application to support full approval of Trodelvy
in the United States in the fourth quarter of 2020. Immunomedics is
also on track to file for regulatory approval in Europe in the
first half of 2021.
Beyond mTNBC, Trodelvy is also being studied in an ongoing Phase
3 trial in third line HR+/HER2- breast cancer and a registrational
Phase 2 study in bladder cancer.
"This acquisition represents significant progress in Gilead's
work to build a strong and diverse oncology portfolio. 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," Gilead Chief
Executive Daniel O'Day said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
September 14, 2020 08:11 ET (12:11 GMT)
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