LONDON (ShareCast) - (Sharecast News) - Gilead Sciences has entered into a definitive agreement to acquire clinical-stage immuno-oncology company Forty Seven for approximately $4.9bn.
The deal, which was unanimously approved by both Gilead and Forty Seven's boards, was anticipated to close during the second quarter of 2020, subject to regulatory approvals and other customary closing conditions.

Gilead said on Monday that with the addition of Forty Seven's investigational lead product candidate, magrolimab, Gilead's own immuno-oncology research and development portfolio would be strengthened.

Forty Seven presented "promising results" of a Phase 1b study of magrolimab at the American Society of Hematology meeting in December 2019.

Chief executive Daniel O'Day said: "This agreement builds on Gilead's presence in immuno-oncology and adds significant potential to our clinical pipeline.

"Magrolimab complements our existing work in hematology, adding a non-cell therapy program that complements Kite's pipeline of cell therapies for hematological cancers. With a profile that lends itself to combination therapies, magrolimab could potentially have transformative benefits for a range of tumour types."

As of 1320 GMT, Gilead shares were up 1.07% in pre-market trading at $70.10 each.

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