Gilead Sciences is dropping $21 billion to snatch up Immunomedics Inc., a New Jersey-based company specializing in advanced antibody treatments.
The acquisition will give Gilead access to Immunomedics’ Trodelvy, which was developed to treat an aggressive form of breast cancer and was given an accelerated approval by the FDA in April.
Gilead’s CEO said the purchase will strengthen the company’s cancer portfolio.
Trodelvy, an antibody drug conjugate (ADC), is also being investigated as a treatment for other types of cancer. ADCs, which combine a selective monoclonal antibody with a potent cytotoxic agent to attack diseased cells while avoiding healthy ones, have been touted as a promising alternative to conventional cancer treatments. So far, only a handful of ADC treatments have been approved by the FDA.
Gilead said it will fund the deal with $15 billion in cash on hand and then another $6 billion in newly issued debt.
Read the full Reuters report.
