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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