Gilead to spend almost $5bn acquiring Forty Seven for cancer drug
Forty Seven's experimental drug, magrolimab, is in early studies for cancers including acute myeloid leukaemia and diffuse large B-cell lymphoma
02 March 2020 - 15:43
Paris/San Francisco — Gilead Sciences agreed to buy Forty Seven for about $4.9bn to advance into one of the hottest areas of pharmaceutical research: cancer treatments that harness the immune system to fight tumours.
Gilead will acquire Forty Seven for $95.50 per share in cash in a transaction cleared by both boards, the California, US-based company said in a statement on Monday. The price is a 96% premium to Forty Seven’s closing price on Thursday, before Bloomberg News broke the news of Gilead’s approach. Forty Seven’s shares rose 61% to $93.51 in trading before the market opened in New York...
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