Summary
Gilead Sciences, Inc. (GILD) announced on March 1, 2020, its entry into a definitive agreement to acquire Forty Seven, Inc. (FTSV) through a tender offer followed by a merger. The acquisition is valued at $95.50 per share in cash, representing a total transaction value of approximately $4.9 billion. This strategic move significantly bolsters Gilead's immuno-oncology pipeline, particularly with Forty Seven's lead drug candidate, magrolimab, a first-in-class antibody targeting CD47. Magrolimab is being investigated in combination with other therapies for various cancers, including myelodysplastic syndromes and non-small cell lung cancer. The acquisition aims to leverage Gilead's expertise and resources to accelerate the development and commercialization of Forty Seven's promising assets, positioning Gilead for future growth in the oncology space.
Key Highlights
- 1Gilead Sciences (GILD) to acquire Forty Seven, Inc. (FTSV) for $95.50 per share in cash.
- 2Total transaction value for the acquisition is approximately $4.9 billion.
- 3The acquisition significantly enhances Gilead's immuno-oncology pipeline, notably adding magrolimab (anti-CD47 antibody).
- 4Magrolimab is a key asset being explored in combination therapies for various hematologic and solid tumors.
- 5The transaction is structured as a tender offer followed by a merger, with expected completion following customary closing conditions and regulatory approvals.
- 6Forty Seven has agreed to customary 'no-shop' provisions, with a termination fee of $160 million under specific circumstances.