Gilead will buy Immunomedics at a price of $88 per share, more than double the current value of $42.25.
The California drug giant plans to fund the transaction with $15 billion in cash and $6 billion in new bonds.
"This acquisition represents significant progress in Gilead's work to build a strong and diverse oncology portfolio," Gilead chairman and chief executive officer Daniel O'Day said in a statement. New Jersey-based Immunomedics makes Trodelvy, an antibody drug approved in April by the Food and Drug Administration, which is used to treat triple-negative breast cancer, a particularly aggressive form of the disease.
Triple-negative breast cancer represents about 10% to 15% of all breast cancers, according to the American Cancer Society.Immunomedics stock has jumped more than 90% on Wall Street since Trodelvy's approval. Gilead took a giant step forward in the rapidly developing oncology sector with its $4.9-billion April acquisition of Forty Seven, which is developing a promising treatment for blood cancers.
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