Gilead Sciences Inc (NASDAQ:GILD, XETRA:GIS) has agreed to buy Arcellx in a deal valuing the clinical-stage biotechnology company at $7.8 billion, converting an existing partnership into outright ownership of a CAR T-cell therapy that could be approved by US regulators before the end of this year.
The offer of $115 per share in cash represents a 68% premium to Arcellx's 30-day volume-weighted average share price as of 20 February.
On top of that, investors will get what's called a contingent value right of $5 per share payable if the lead drug, anito-cel, achieves cumulative global net sales of at least $6 billion from launch through 2029.
Gilead already owns roughly 11.5% of Arcellx and expects the deal to close in the second quarter of this year.
The prize is anito-cel, a BCMA-directed CAR T-cell therapy for multiple myeloma patients who have relapsed or become resistant to earlier treatments.
A regulatory submission has been accepted by the FDA with a PDUFA action date of 23 December 2026. Gilead says the deal is expected to be earnings per share accretive from 2028, assuming approval.
Anito-cel targets patients in later lines of therapy, where options are scarce and existing CAR T treatments have struggled with toxicity and durability.
Clinical data so far has shown deep and sustained responses with a manageable safety profile, which Gilead argues positions it as a potential standard of care, eventually reaching earlier lines of treatment where the commercial opportunity would be considerably larger.
Beyond the near-term launch, Gilead highlighted Arcellx's D-domain CAR technology platform as a strategic asset, with potential applications in next-generation CAR T and in vivo cell therapy programmes across oncology and inflammation.
Gilead shares were down around 1.5% in pre-market trading, a modest reaction that suggests investors broadly accept the strategic logic while absorbing the price tag.