Foster City’s Gilead Sciences nears Immunomedics takeover at $20 billion plus deal

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Foster City’s Gilead Sciences nears Immunomedics takeover at $20 billion plus deal

Gilead Sciences Inc., the Foster City, CA-headquartered American multinational biopharmaceutical company that gained immense attention over the recent past after US FDA had approved an emergency use of its antiviral drug Remdesivir for the ongoing pandemic outbreak, had been in an advanced stage talk to purchase the oncology-focused biopharmaceutical Immunomedics Inc.

for a whooping upsum of more than $20 billion, a Wall Street Journal report published on Saturday had revealed. In point of fact, followed by the reveal of media headlines that reflected Gilead’s intent to purchase an invasive breast cancer drug Trodelvy-maker Immunomedics, analysts were quoted saying that the latest move of Gilead, widely known for its antiviral drugs for HIV, Hep.

B, Hep. C and Influenza, had been aimed at expanding the Foster City-based pharmaceutical’s portfolio of cancer drugs.

Remdesivir maker Gilead to purchase Immunomedics for over $20 billion

Meanwhile, the Wall Street Journal report had quoted one of the people familiar with the subject-matter as saying that the takeover deal could value Immunomedics more than $20 billion, while a declaration of the deal could be made as early as by Monday.

Apart from that, Saturday’s Wall Street Journal report had also added that the discussions of a takeover for Immunomedics had initially been centred around a partnership deal, however, later the talks had transformed into a full-fledged takeover negotiation.

In factuality, recent approach from Gilead Sciences Inc. to ramp up its cancer drug portfolio came forth as the biopharmaceutical had purchased a 49.9 per cent stake in Pionyr Immunotherapeutics in June this year, while earlier this year Gilead had purchased an experimental blood cancer drugmaker Forty Seven Inc.

at a $4.9 billion buyout deal. Apart from that, a successful takeover deal for Immunomedics Inc. would provide Gilead Sciences with an access to a treatment for Metastatic Triple-Negative Breast Cancer, an aggressive type of breast carcinoma having had little treatment options, a higher risk of recurrence and a bad prognosis with a third the of the affected patients reporting a quicker distant metastasis.