Why Gilead Sciences, Forty Seven, and Trillium Therapeutics Are Moving Higher Today
Gilead Sciences (NASDAQ: GILD) and cancer drugmaker Forty Seven (NASDAQ: FTSV) have reportedly agreed to an all-cash buyout worth $4.9 billion. Last week, Gilead was rumored to be in buyout or licensing talks with Forty Seven, with discussions centering around the biotech's novel monoclonal antibody, magrolimab, which blocks the CD47 "don't eat me" cell signaling pathway. Forty Seven's stock is up by 61.9% in premarket trading in response to this buyout news.
Gilead's shareholders also seem pleased with the deal. The biotech's stock is up by 1.3% on the heels of this major pipeline addition in oncology, despite the market's dour mood in general over the novel coronavirus outbreak. Fellow CD47 drugmaker Trillium Therapeutics (NASDAQ: TRIL) is also on the move in the wake of this rather rich tender offer. Specifically, Trillium's stock jumped by as much as 65% in premarket trading Monday morning. Since hitting that premarket high, the biotech's shares have cooled off a bit, but they are still up by a healthy 44.7% as of 8:15 a.m EST.
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Source Fool.com
