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GILEAD NEARS DEAL TO BUY IMMUNOMEDICS FOR MORE THAN $20B

Gilead Sciences Inc. is nearing a deal to buy biopharmaceutical company Immunomedics Inc for more than $20 billion in a deal that would further expand Gilead’s portfolio of cancer treatments, the Wall Street Journal reported on Saturday (Sunday, September 13, 2020 in Manila.) 

A deal for Immunomedics, whose cancer therapy Trodelvy is FDA-approved as a third-line treatment for an aggressive type of breast cancer called Metastatic Triple-Negative Breast Cancer, could be announced Monday if not sooner, Reuters said, citing people familiar with the matter. 


Discussions between Gilead and Immunomedics were initially centered around a partnership before shifting to a full-fledged takeover negotiation, the Journal added. Gilead and Immunomedics did not respond immediately to emailed requests from Reuters for comment. 


Shares of Immunomedics, which last month reported positive data from a late-stage confirmatory study for Trodelvy, have nearly doubled this year, giving the company a valuation of close to $10 billion. An acquisition of Immunomedics would add to several deals Gilead inked this year with the aim of expanding its oncology portfolio. It bought a 49.9% stake in cancer drug developer Pionyr Immunotherapeutics in June for $275 million, just months after paying $4.9 billion for Forty Seven Inc., maker of an experimental treatment that targets blood cancer.



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