Gilead Sciences has wrapped up its previously announced $21 billion acquisition of New Jersey-based biopharma company Immunomedics.
With the completion of the deal, Immunomedics has now become a fully-owned subsidiary of Gilead Sciences. The common stock of Immunomedics will be delisted from the Nasdaq Global Market.
Immunomedics, which has been acquired for $88 per share in cash by the US pharma giant, has been engaged in developing antibody-drug conjugates (ADCs) for the treatment of hard-to-treat cancers.
The company’s Trodelvy (sacituzumab govitecan-hziy) is the first ADC to be approved by the US Food Drug and Administration (FDA) for the treatment of metastatic triple-negative breast cancer. Trodelvy is also the first anti-Trop-2 ADC to have been approved by the FDA.
Commenting on Gilead acquisition of Immunomedics, Daniel O’Day – Chairman and CEO of Gilead Sciences said: “We are very pleased to reach today’s milestone and to welcome the talented Immunomedics team to the Gilead family. There is a lot of important work ahead of us to deliver on the vast potential that Trodelvy offers for patients with cancer.
“Together we will bring Trodelvy to many more patients around the world with triple-negative breast cancer and continue to explore its potential in many other types of cancer, both as a monotherapy and in combination with other treatments.”
Meanwhile, Gilead Sciences has bagged Remdesivir FDA approval for the treatment of Covid-19 in patients needing hospitalization.