(Reuters) – Gilead Sciences Inc.
The deal provides access to Immunomidix’s breast cancer treatment, Trodelvi’s Gilead, which was approved by the FDA in April.
Gilead said it would offer a tender offer to buy all the remaining shares of Immunomidix at 88 88 per share, a premium of about 108% over the closing price of 42.25 on September 11.
The acquisition represents significant progress in the construction of Gilead’s strong and diverse oncology portfolio, Fisher Daniel O’Day, Gilead’s chief executive officer, said in a statement. “Trodelvi is a valid, mutable drug for one form of cancer that is particularly challenging to treat. Now, we will explore its potential to treat many other types of cancer.”
The statement said that in the first half of 2021, Immunomidix is also in the process of filing for regulatory approval for Trodelvi in Europe.
According to the drug manufacturer, the offer will be made out of a cash amount of Rs 15 billion and a new debt of Rs 6 billion.
The transaction is expected to close in the fourth quarter of 2020, the companies said.
The acquisition of Immunomidix is the latest of many Gilead branches this year with the aim of expanding its oncology portfolio.
Forty Seven Inc., the maker of an experimental treatment targeting blood cancer, bought a 49.9% stake in cancer drug developer Pioneer Immunotherapeutics in June, after paying 9. 9. billion for the month.
(Reporting by Ann Maria Shibu in Bengaluru; Editing by Peter Cooney and Diane Kraft)
