Gilead Reportedly in Talks to Acquire Cancer Biotech Forty Seven

Gilead Sciences (NASDAQ: GILD) is in discussions with cancer biotech Forty Seven (NASDAQ: FTSV) about a possible takeover or partnership, according to an article published Thursday by Bloomberg. According to the report, no deal has been finalized, and Forty Seven has received interest from other parties as well. Shares of Forty Seven were up over 20% on the news, but those of Gilead were down 5% in mid-afternoon trading.

Forty Seven is working on therapies to inhibit the CD47 signaling pathway, which cancer cells use to trick the body's immune system into ignoring them. Its lead antibody drug, magrolimab, drew a lot of attention from investors in December after the company announced it had seen promising response rates in an early-stage clinical trial that tested it in combination with chemotherapy in patients with myelodysplastic syndrome (MDS) and acute myeloid leukemia.

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Source Fool.com