Biopharmaceutical company Gilead said it will acquire partner Arcellx for $7.8 billion in its largest deal since 2020. The company has a strong foothold in HIV drugs and liver disease treatments, and has been looking for growth beyond its core areas amid declining sales of its COVID-19 drug Veklury and prepares for future patent losses.
Under current CEO Daniel O’ Day, Gilead has pursued several big-ticket deals and partnerships including its $21 billion acquisition of Immunomedics in 2020. Gilead will pay $115 per share in cash.
Kite, a Gilead company, and Arcellx have an existing collaboration to co-develop and co-commercialize Arcellx’s lead pipeline candidate, anitocabtagene autoleucel (anito-cel), an investigational BCMA-directed CAR T-cell therapy for patients with multiple myeloma. According to Gilead, anito-cel has demonstrated deep and durable responses with a predictable and manageable safety profile in clinical trials, addressing key challenges associated with current CAR T-cell therapies in multiple myeloma.
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“This agreement reflects our conviction in the potential of anito-cel and our intention to move with speed so we can make the most of that potential for patients with multiple myeloma,” O’Day said. “Beyond the potential launch this year, anito-cel could become a foundational treatment for multiple myeloma over time, including earlier lines of therapy. In addition, the anito-cel D-domain BCMA binder could be important to our work in vivo cell therapy, further strengthening our potential in oncology and inflammation.
“The story of Arcellx is one of innovation, passion, resilience and teamwork. I could not be prouder of our team, our contribution to the myeloma field, and the impact anito-cel and our D-Domain platform are poised to have for patients and clinicians,” said Rami Elghandour, chairman and CEO of Arcellx.
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“We are fortunate to have found a world-class partner in Gilead, which has the expertise to carry forward Arcellx’s legacy.”
Several analysts said anito-cel could become a leading cell therapy in multiple myeloma and transform into a “multi-billion dollar product” for Gilead. The U.S. Food and Drug Administration is currently reviewing the therapy as a fourth-line treatment and a decision is expected by Dec. 23.
The deal is expected to close by the second quarter of 2026. Upon FDA approval of anito-cel, the proposed transaction is expected to be accretive to earnings per share in 2028 and beyond. Gilead will also pay Arcellx shareholders $5 per share, contingent upon achieving cumulative anito-cel global net sales of at least $6 billion from launch through the end of 2029.