Gilead Sciences has announced plans to acquire Immunomedics in a deal valued at $21 billion.
Under the agreement, which has been unanimously approved by both boards of directors, Gilead will acquire the firm for $88 per share in cash, with the deal anticipated to close sometime in the fourth quarter of 2020.
The move buys Gilead access to Immunomedics' Trodelvy (sacituzumab govitecan-hziy), a first-in-class antibody-drug conjugate (ADC) granted accelerated approval by the US Food and Drug Administration (FDA) in April for the treatment of adults with metastatic triple-negative breast cancer (mTNBC) who have received at least two prior therapies for metastatic disease.
Immunomedics is planning to submit a supplemental Biologics License Application (BLA) to support full approval of the drug in the US in the fourth quarter of 2020, and is also on track to file for regulatory clearance in Europe in the first half of next year.
“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,” said Daniel O’Day, Gilead's chairman and chief executive.
“We look forward to welcoming the talented Immunomedics team to Gilead so we can continue to advance this important new medicine for the benefit of patients with cancer worldwide.”
“By working with Gilead, we have the opportunity to accelerate our progress and improve care for patients in need of new therapies,” added Behzad Aghazadeh, executive chairman of Immunomedics.