Gilead nears deal to buy Immunomedics for more than $20 bn: WSJ report

(Reuters) – Gilead Sciences Inc is nearing a deal to buy biopharmaceutical firm Immunomedics Inc for more than $20 billion in a deal that may additional broaden Gilead’s portfolio of most cancers remedies, the Wall Street Journal reported on Saturday.

A deal for Immunomedics, whose most cancers remedy Trodelvy is FDA-approved as a third-line therapy for an aggressive sort of breast most cancers known as Metastatic Triple-Negative Breast Cancer, might be introduced Monday if not sooner, the Journal stated, citing folks aware of the matter.

Discussions between Gilead and Immunomedics have been initially centered round a partnership earlier than shifting to a full-fledged takeover negotiation, the Journal added.

Gilead and Immunomedics didn’t reply instantly to emailed requests from Reuters for remark.

Shares of Immunomedics, which final month reported optimistic information from a late-stage confirmatory research for Trodelvy, have almost doubled this 12 months, giving the corporate a valuation of shut to $10 billion.

An acquisition of Immunomedics would add to a number of offers Gilead inked this 12 months with the intention of increasing its oncology portfolio.

It purchased a 49.9% stake in most cancers drug developer Pionyr Immunotherapeutics in June for $275 million, simply months after paying $4.9 billion for Forty Seven Inc, maker of an experimental therapy that targets blood most cancers.



(Reporting by Ismail Shakil in Bengaluru; Editing by Chizu Nomiyama)

(Only the headline and movie of this report could have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)


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