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Gilead to Acquire Immuno-Oncology Company Forty Seven
Tuesday 03 March 2020

3 March 2020 - California-based biopharmaceutical company Gilead Sciences, Inc. (NASDAQ: GILD) has agreed to acquire California-based immuno-oncology company Forty Seven, Inc. (NASDAQ: FTSV) for USD 95.50 per share in cash, valuing Forty Seven at approximately USD 4.9bn, the company said.

Gilead plans to pay all cash consideration for the transaction. The tender offer is not subject to a financing condition.

The transaction is anticipated to close during 2Q20, subject to regulatory approvals and other customary closing conditions.

The acquisition will strengthen Gilead's immuno-oncology research and development portfolio.

Forty Seven is initially studying magrolimab as a treatment for patients with MDS and AML. Additional studies are ongoing in non-Hodgkin lymphoma and solid tumors.

Magrolimab has been granted Fast Track designation by the US Food and Drug Administration for the treatment of MDS and AML, and for the treatment of relapsed or refractory DLBCL and follicular lymphoma, two forms of B-cell NHL.

Magrolimab has also been granted Orphan Drug designation by the FDA for the treatment of MDS and AML and by the European Medicines Agency for the treatment of AML.

Citi and J.P. Morgan are acting as joint financial advisors to Gilead. Centerview Partners LLC is acting as the exclusive financial advisor to Forty Seven. Skadden, Arps, Slate, Meagher and Flom LLP is serving as legal counsel to Gilead and Cooley LLP is serving as legal counsel to Forty Seven.

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops and commercialises innovative medicines in areas of unmet medical need.

Forty Seven, Inc. is a clinical-stage immuno-oncology company that is developing therapies targeting cancer immune evasion pathways and specific cell targeting approaches based on technology licensed from Stanford University.
Details
Date Published: 03/03/2020
Target: Forty Seven, Inc
Country: USA
Deal Size: 4.9bn (USD)
Sector: Pharmaceuticals
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Vendor:
Buyer: Gilead Sciences, Inc
Buyer Advisor: Citi , J.P. Morgan , Skadden, Arps, Slate, Meagher and Flom
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