Gilead Science to Buy Forty Seven Inc. for $4.9 Billion
March 02 2020 - 7:44AM
Dow Jones News
By Colin Kellaher
Gilead Sciences Inc. on Monday said it agreed to buy Forty Seven
Inc. for about $4.9 billion in a deal that boosts its
immuno-oncology portfolio.
Gilead said it will pay $95.50 a share in cash for Forty Seven,
a nearly 65% premium to Friday's closing price of $58 for the Menlo
Park, Calif., clinical-stage immuno-oncology company.
Gilead said the addition of magrolimab, Forty Seven's
investigational lead product candidate that is in clinical
development for the treatment of several cancers, will strengthen
its immuno-oncology research-and-development portfolio.
The Foster City, Calif., biopharmaceutical company said it plans
to promptly launch a tender offer for Forty Seven, adding that the
offer isn't subject to a financing condition, and that it expects
to complete the acquisition in the second quarter.
Shares of Forty Seven surged more than 60% in light premarket
trading Monday, while shares of Gilead rose 1.5%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 02, 2020 07:29 ET (12:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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