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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gilead Sciences Inc | NASDAQ:GILD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.67 | -1.03% | 64.66 | 64.65 | 64.66 | 65.53 | 64.33 | 65.51 | 3,524,542 | 19:02:27 |
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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