Gilead Sciences Acquiring Cancer-Focused Biotech Forty Seven for $4.9 Billion
Gilead Sciences (NASDAQ: GILD) announced on Monday that it plans to acquire Forty Seven (NASDAQ: FTSV) for $4.9 billion. The deal has already been approved by both biotechs' boards of directors and is expected to close in the second quarter of 2020 pending regulatory approvals and other standard closing conditions.
The main draw for Gilead with the acquisition is Forty Seven's lead pipeline candidate magrolimab. In December 2019, Forty Seven announced encouraging results from a phase 1b clinical study evaluating the drug in combination with Vidaza in treating patients with myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML). Magrolimab is also being studied as a potential treatment for diffuse large B-cell lymphoma (DLBCL).
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Source Fool.com
