Gilead Sciences Inc. is in advanced talks to acquire Immunomedics Inc. for more than $20 billion to add breast-cancer treatments, according to a person familiar with the matter.
Foster City, California-based Gilead could announce an agreement in the coming days, said the person, who asking not to be identified because talks are private. The deal would value Immunomedics at about twice as much as what the maker of the Trodelvy breast-cancer drug was valued at on Friday.
Pharmaceutical companies have been coveting Immunomedics since the Food and Drug Administration unexpectedly accelerated approval for Trodelvy in April, after a study showed the drug beat back triple negative breast cancer for nearly four months longer than chemotherapy in patients getting the medication as a third line of therapy. The hard-to-treat disease doesn’t respond to many of the current treatment regimens. Immunomedics plans to file for full approval of the medicine later this year.
Morris Plains, New Jersey-based Immunomedics has a market capitalization of $9.8 billion after the shares almost doubled this year. Gilead was valued at $82.2 billion as of Friday. Its shares were little changed in the year-to-date.
Gilead and Immunomedics didn’t immediately respond to requests for comment outside of normal working hours. The Wall Street Journal reported on the acquisition talks on Saturday.
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