Gilead to buy Arcellx in nearly $8B deal

Adam Feuerstein is a senior writer and biotech columnist, reporting on the crossroads of drug development, business, Wall Street, and biotechnology. He is also a co-host of the weekly biotech podcast The Readout Loud and author of the newsletter Adam’s Biotech Scorecard. You can reach Adam on Signal at stataf.54.

Gilead Sciences said Monday it is acquiring Arcellx in a deal worth $7.8 billion, merging two biotech companies already co-developing a CAR-T therapy for multiple myeloma. 

The transaction values Arcellx at $115 per share, or a 79% premium to the stock’s Friday close. Arcellx shareholders will also be eligible for an additional payment equal to $5 per share, based on achieving a future sales target. 

The centerpiece of the deal is an experimental CAR-T therapy called anito-cel that was initially developed by Arcellx. Since 2023, the therapy has been co-developed by Kite Pharma, Gilead’s cell therapy division, as part of a collaboration and co-marketing agreement.

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