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The acquisition will give Gilead access to an anti-cancer antibody drug conjugate in clinical development for treating breast and bladder cancers.
Gilead announced on Sept. 13, 2020 that it will acquire Immunomedics, a biopharmaceutical company focused on antibody-drug conjugate (ADC) technology, for approximately $21 billion.
Through the agreement, Gilead will acquire all outstanding shares of Immunomedics’ common stock for $88 per share, a Gilead press release said. After the tender offer is completed, 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 Trodelvy (sacituzumab govitecan-hziy), a Trop-2 directed ADC for the treatment of adult patients with metastatic triple-negative breast cancer who have received at least two prior therapies for metastatic disease, according to the press release. Currently, Trodelvy is involved in an ongoing Phase III trial for third line HR+/HER2- breast cancer and a registrational Phase II study for bladder cancer.
“This acquisition represents significant progress in Gilead’s work to build a strong and diverse oncology portfolio. Trodelvy is an approved, transformational medicine for a form of cancer that is particularly challenging to treat. We will now continue to explore its potential to treat many other types of cancer, both as a monotherapy and in combination with other treatments,” said Daniel O’Day, chairman and CEO, Gilead, in the press release. “We look forward to welcoming the talented Immunomedics team to Gilead so we can continue to advance this important new medicine for the benefit of patients with cancer worldwide.”
“We are very pleased that Gilead recognized the value of Trodelvy—both for the important role it has already begun to play for patients with metastatic triple-negative breast cancer and for its potential to help many other patients with cancer in the future,” added Behzad Aghazadeh, PhD, executive chairman of Immunomedics, in the press release. “We are excited for the opportunities ahead of us as we join with Gilead to advance our shared mission in defeating cancer. By working with Gilead, we have the opportunity to accelerate our progress and improve care for patients in need of new therapies.”
In the United States, Trodelvy was approved by FDA in 2020 for treating metastatic triple-negative breast cancer in adult patients who have received at least two prior therapies for metastatic disease.
Source: Gilead, FDA