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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 65.54 | 65.33 | 65.56 | 65 | 11:36:32 |
From May 2019 to May 2024
By Colin Kellaher
Gilead Sciences Inc. on Monday said it agreed to buy Forty Seven Inc. for about $4.9 billion in a deal that boosts its immuno-oncology portfolio.
Gilead said it will pay $95.50 a share in cash for Forty Seven, a nearly 65% premium to Friday's closing price of $58 for the Menlo Park, Calif., clinical-stage immuno-oncology company.
Gilead said the addition of magrolimab, Forty Seven's investigational lead product candidate that is in clinical development for the treatment of several cancers, will strengthen its immuno-oncology research-and-development portfolio.
The Foster City, Calif., biopharmaceutical company said it plans to promptly launch a tender offer for Forty Seven, adding that the offer isn't subject to a financing condition, and that it expects to complete the acquisition in the second quarter.
Shares of Forty Seven surged more than 60% in light premarket trading Monday, while shares of Gilead rose 1.5%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 02, 2020 07:29 ET (12:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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