© Reuters. FILE PHOTO: Pharmaceutical company Gilead Sciences Inc is observed during the coronavirus disease (COVID-19) outbreak in California
(Reuters) – Gilead Sciences Inc. (NASDAQ 🙂 is about to buy a biopharmaceutical company Immunomedics (NASDAQ 🙂 Inc for more than $ 20 billion in a deal that would further expand Gilead's portfolio of cancer treatments, the Wall Street Journal reported on Saturday.
A deal for Immunomedics, whose cancer therapy Trodelvy is approved by the FDA as a third-line treatment for an aggressive type of breast cancer called Metastatic Triple-Negative Breast Cancer, could be announced on Monday, if not sooner The Deal.
Talks between Gilead and Immunomedics initially focused on a partnership before moving on to a full-fledged acquisition negotiation, the Journal added.
Gilead and Immunomedics did not immediately respond to email requests from Reuters for comment.
Immunomedics' shares, which reported positive data from a confirmatory study for Trodelvy late last month, nearly doubled this year, giving the company a valuation of nearly $ 10 billion.
An Immunomedics acquisition would add to several deals Gilead closed earlier this year aimed at expanding its oncology portfolio.
In June, the company acquired a 49.9% stake in cancer drug developer Pionyr Immunotherapeutics for $ 275 million, just months after paying $ 4.9 billion for Forty Seven Inc, maker of an experimental blood cancer treatment.
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