Gilead Sciences has completed its previously announced $4.9 billion acquisition of Forty Seven, a clinical-stage immuno-oncology company based in California.

The immuno-oncology company has been acquired by the US biotech company for $95.50 per share in cash to become the latter’s fully-owned subsidiary. Forty Seven will be delisted from the Nasdaq Global Select Market.

The deal, which was signed in March 2020 gives Gilead Sciences access to magrolimab, Forty Seven’s investigational lead product candidate which is anticipated to consolidate the immuno-oncology research and development portfolio of the former.

Currently, the monoclonal antibody is in clinical development for the treatment of multiple cancers like acute myeloid leukemia (AML), myelodysplastic syndrome (MDS), and diffuse large B-cell lymphoma (DLBCL).for which new, transformative drugs are urgently required.

Commenting on the closing of Gilead Sciences acquisition of Forty Seven, Daniel O’Day – Chairman and CEO of Gilead Sciences, said: “We will now work together to accelerate the progress of magrolimab and advance Gilead’s work in immuno-oncology.

“I am delighted to welcome the Forty Seven team, whose unique expertise will be of great value as we grow our clinical pipeline and work to help more patients with some of the toughest forms of cancer.”

Earlier this month, Gilead Sciences signed a four-year deal worth up to $338 million with Second Genome, a California-based clinical-stage company,  to discover targets and drug candidates for the treatment of inflammatory bowel disease (IBD).

  Acute myeloid leukemia, California, Daniel O’Day, Forty Seven, Gilead Sciences, magrolimab, Pharma acquisition news, USA