Gilead announced $21 Billion in-cash acquisition of Immunomedics on Sunday, Bloomberg reports. Friday’s Immunomedics market cap doubles with the $88-a-share cash deal.
- The Biotech company from New Jersey developed a Trodelvy – breast-cancer treatment.
- Approval from the U.S. FDAdministration in April triggered the stock soaring on odds that this could make Immunomedics the aim for a possible M&A.
- The hard-to-treat illness accounts for around 10-15% of all breast cancers. Trodelvy’s full FDA approval is planned later this year.
The proposed deal is valuing Immunomedics more than twice of its Friday value of 9.7 Billion market cap and $42.25 share price.
Nasdaq: GILD, IMMU