Gilead scoops up Immunomedics in deal worth $21 billion
pharmafile | September 14, 2020 | News story | Sales and Marketing | Gilead, Immunomedics, acquisition, pharma
The Board of Directors from both companies have unanimously agreed for Gilead to acquire Immunomedics for $88 per share in cash, in a new deal which represents a valuation of the latter company at $21 billion.
The primary focus of the deal for Gilead is Immunomedics’ Trop-2 directed antibody-drug conjugate Trodelvy (sacituzumab govitecan-hziy), which it scoops up as part of the agreement. The therapy is currently under review from the FDA in the treatment of metastatic triple-negative breast cancer (mTNBC) in adults who have received at least two prior treatments, after securing accelerated approval in April this year.
Phase 3 studies into the drug were terminated early after showing significant improvement in progression-free and overall survival, on the recommendation of the independent Data Safety Monitoring Committee. Full findings are due to be presented at the European Society for Medical Oncology (ESMO) Virtual Congress 2020 this weekend.
The company aims to pursue full US approval towards the end of this year, with a European application to follow in the first half of 2021. Trodelvy is also being investigated for efficacy in third-line HR+/HER2- breast cancer at Phase 3 and bladder cancer at Phase 2, with other ongoing studies in non-small cell lung cancer and other solid tumours, with data also planned for reveal at ESMO 2020.
Immunomedics’ Executive Chairman Behzad Aghazaden said of the new partnership: “We are very pleased that Gilead recognised 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.”
Gilead’s CEO and Chairman Daniel O’Day echoed the sentiment, commented: “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.”
The negotiated deal is expected to close in the last quarter of this year.
Matt Fellows
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