Gilead signs a US$4.9 billion acquisition deal with Forty Seven

By Nikita Chaurasia  | Date: 2020-03-03

Gilead signs a US$4.9 billion acquisition deal with Forty Seven

The deal would improve Gilead’s portfolio in Oncology and would allow the firm to conduct new First-in-Class oncology programs.

Gilead Sciences Inc., a U.S. based biotechnology company, has recently announced that it has inked a definitive agreement to acquire immuno-oncology company, Forty Seven Inc. for $4.9 billion. Reportedly, the transaction valued each share at $95.50 and was unanimously approved by the Boards of Directors of both the companies.

Reports cite that this acquisition deal could close by Q2 of 2020, subject to customary closing conditions and regulatory approvals. With this acquisition, Gilead’s immuno-oncology R&D portfolio would greatly benefit from the addition of Forty Seven’s lead drug candidate, magrolimab. 

Speaking on the move, Daniel O’Day, Chief Executive Officer and Chairman, Gilead Sciences, said that this deal would enhance Gilead’s presence in immuno-oncology and strengthen its portfolio as well as its clinical pipeline. Moreover, magrolimab would benefit its work in hematology, adding up a non-cell therapy initiative that accompanies Kite’s lineup of cell therapies developed for hematological cancers. 

Additionally, the biotech is looking forward to working with Forty Seven’s highly experienced team as it develops new treatments for some of the most complicated cancer forms, adds O’Day

Prior to this news, Gilead Sciences had made headlines when it revealed that it has appointed Sandra Horning, MD, in its Board of Directors. Reportedly, Dr. Horning had previously served as the Global Head of Product Development and Chief Medical Officer for Roche. 

Commenting on which, O’Day said that the company is delighted to welcome Sandra Horning in its Board of Directors and is looking forward to sharing her immense experience and vast industry expertise in drug development across numerous therapeutic sectors.

Additionally, Dr. Horning possesses the perspective of a leading physician who has invested over two decades in cancer treatment, that would come in handy while making strategic decisions for the company.

Source Credit: https://www.gilead.com/news-and-press/press-room/press-releases/2020/3/gilead-to-acquire-forty-seven-for-49-billion

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Tesla to procure nickel from Indonesia through a USD 5 billion deal

Tesla to procure nickel from Indonesia through a USD 5 billion deal

By Nikita Chaurasia

Tesla Inc. has reportedly made contracts worth USD 5 billion with Indonesian nickel manufacturing companies to buy materials for its batteries. For a while now, Indonesia has been trying to get Tesla to invest in setting up a sturdy manufacturing fac...

Amazon Inc. to acquire robotic vacuum maker iRobot for USD 1.7 billion

Amazon Inc. to acquire robotic vacuum maker iRobot for USD 1.7 billion

By Nikita Chaurasia

Credible sources have recently cited that Amazon Inc. is steadily gearing up to acquire iRobot Corporation for USD 61 per share in an all-cash deal that would close the deal at a valuation of USD 1.7 billion as per current estimates. This deal fol...

Robinhood shares surge 13% despite eliminating 23% of its employees

Robinhood shares surge 13% despite eliminating 23% of its employees

By Nikita Chaurasia

Robinhood Markets, Inc. the trading app that popularized one-click transactions, is reportedly laying off nearly 23% of its employees. The company’s CEO Vlad Tenev claimed that the downsizing would affect staff members throughout the company, p...

Bank of England looking into continuously rising inflation in the U.K.

Bank of England looking into continuously rising inflation in the U.K.

By Nikita Chaurasia

The Bank of England has reportedly stated that it will take aggressive measures, if necessary, to prevent the inflation issue from becoming a prolonged challenge. Sources claimed that the central bank might bring an unusual hike of a half-percenta...

Indonesia bans multiple online services for missing regulatory deadline

Indonesia bans multiple online services for missing regulatory deadline

By Nikita Chaurasia

The Indonesian government has reportedly banned access to a series of digital platforms, including PayPal Holdings Inc., Steam, Epic Games Inc., and Yahoo Inc., for failing to comply with the country's new mandate regarding content review policie...