“Immunomedics shares double after Gilead agrees to buy the cancer drugmaker in $21 billion deal”
September 15, 2020
“Gilead Sciences will acquire biotech company Immunomedics in a $21 billion deal that will expand Gilead’s availability of cancer treatments, the companies announced on Sunday.
Shares of Immunomedics surged more than 100% in premarket trading Monday. The deal will provide Gilead access to the drug Trodelvy, a Food and Drug Administration-approved treatment for metastatic triple-negative breast cancer.
Gilead said it will acquire Immunomedics for $88 per share in cash. The offer will be funded through about $15 billion in cash on hand and $6 billion in newly issued debt. The transaction is anticipated to close in the fourth quarter of 2020, according to the statement…”
https://www.cnbc.com/2020/09/13/gilead-to-buy-cancer-drugmaker-immunomedics-in-21-billion-deal.html