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The acquisition will give Gilead access to Forty Seven’s investigational lead product candidate, magrolimab, a monoclonal antibody in clinical development for the treatment of numerous cancers.
Gilead announced on March 2, 2020 that it will acquire Forty Seven, a clinical-stage immuno-oncology company based in Menlo Park, CA, for approximately $4.9 billion.
Through the merger agreement, Gilead will acquire all outstanding shares of Forty Seven’s common stock for $95.50 per share in cash, according to a Gilead press release. After finalizing the tender offer, Gilead will obtain all remaining shares not tendered in the offer through a second step merger at the same price as the tender offer.
The acquisition will give Gilead access to Forty Seven’s investigational lead product candidate, magrolimab, a monoclonal antibody in clinical development for the treatment of numerous cancers, including myelodysplastic syndrome, acute myeloid leukemia, and diffuse large B-cell lymphoma, the press release said. The therapy works with CD47, a protein that lets cancer cells evade destruction to allow the patient’s immune system to eliminate the cells itself.
“This agreement builds on Gilead’s presence in immuno-oncology and adds significant potential to our clinical pipeline,” said Daniel O’Day, chairman and CEO of Gilead, in the press release. “Magrolimab complements our existing work in hematology, adding a non-cell therapy program that complements Kite’s pipeline of cell therapies for hematological cancers. With a profile that lends itself to combination therapies, magrolimab could potentially have transformative benefits for a range of tumor types. We are looking forward to working with the highly experienced team at Forty Seven to help patients with some of the most challenging forms of cancer.”
“This is an exciting day for patients, who may one day benefit from future anti-CD47 therapies and other immuno-oncology treatments based on our research, and an exciting time for Forty Seven as this allows us to achieve our vision of helping patients defeat their cancer,” added Mark McCamish, MD, PhD, president and CEO of Forty Seven, in the press release. “We are pleased to join Gilead and believe that by combining our scientific expertise with Gilead’s strength in developing treatments that modify the immune system, we will be able to more rapidly advance our therapies.”