What industry or sector does your company fit into? new user for access to the platform(s) covered by your license at Market Intelligence Help us understand your needs, so we can provide the essential intelligence you need to make decisions with conviction. Gilead has seen its total debt increase from $27.3 billion in 2018 to $31.4 billion in 2020, partly due to the Immunomedics acquisition in ⦠We’ll use this to see what company you’re aligned with to better assist you. According to S&P Global Market Intelligence data, the deal has a reported value of $21 billion with a total transaction value of $19.9 billion to account for assumed liabilities. While the premium paid to Immunomedics had some analysts scratching their heads, it is in line with another questionable buy that paid off big. Fill out the form so we can connect you to the right person. Gilead Sciences CEO Daniel OâDay told CNBC on Monday that the company is continuing to study new ways to use its coronavirus treatment remdesivir on patients, including potentially outside of the hospital all together. In September, Gilead pledged $21 billion for Immunomedics to get its hands on the newly approved TROP-2-directed cancer drug Trodelvy. This will help us connect you with the right person for your region. A wholly-owned subsidiary of Gilead ⦠On September 13, 2020, Gilead and Immunomedics announced that Gilead, Immunomedics and Maui Merger Sub, Inc., a wholly owned subsidiary of Gilead (âPurchaserâ) had signed a definitive merger agreement pursuant to The Wall ⦠Last September, Gilead Sciences (NASDAQ: GILD) acquired Immunomedics for $21 billion to gain access to a breast cancer treatment, Trodelvy. "Our thesis is based on Gilead adding near-term revenues and diversifying its business, so we think that this deal is a big step toward establishing a growth business in hematology/oncology.". In a free market, if your stock is trading at $100, and the buyout is $150, that's a 50% premium. The $88.00 per share acquisition price represents a 108 percent premium to Immunomedicsâ closing price on September 11, 2020. Our Standards: The Thomson Reuters Trust Principles. The acquisition of Immunomedics by Gilead Sciences. The following tables list the largest mergers and acquisitions by decade of transaction. Shares of Immunomedics shot up just over 100% to $84.62 per share as of 11:57 a.m. At the time, Gilead had just announced the acquisition of blood-cancer-drug maker Forty Seven. Analysts expect further late-stage data from the company at the European Society for Medical Oncology, or ESMO, Virtual Congress taking place Sept. 19-21. Gilead Sciences Inc.'s planned $21 billion acquisition of cancer-drug maker Immunomedics Inc. â the largest healthcare deal announced in 2020 so far â comes with a 108% premium that underscores the perceived value of a Gilead’s shares rose 3.3% to $67 in morning trading, after falling as much as 2% before the opening bell on Monday. Gilead said it would issue a tender offer to buy all the outstanding shares of Immunomedics for $88 per share, representing a premium of about 108% over their last closing price of $42.25 on Friday. We may reach out to your work email to start the conversation. This helps us to match your request to the right job specialist within our company. Brokerage Oppenheimer views the purchase price as “reasonable”, and said the cancer drug “slots neatly” in Gilead’s oncology strategy. But in today's market, Wall Street is more likely to smash your stock down to $75, and then organize a merger at $150. The premium Gilead is offering for Immunomedics is designed to get ahead of the competition based on that anticipated data for Trodelvy, Cantor Fitzgerald analyst Alethia Young said in a Sept. 14 note. And Salesforce acquired messaging company Slack Technologies for $27.7 billionâa premium of 50% above the closing share price before the talks became public. Young said at the time that Gilead was expected to continue to add late-stage assets in hematology and oncology, which carried through into the Immunomedics acquisition. What is your last name? Last year alone saw Portola Pharmaceuticals, Aimmune Therapeutics and Immunomedics each sell at more than double their respective market values. Gilead Sciences, Inc. (Nasdaq: GILD) and Immunomedics (Nasdaq: IMMU) announced today that the companies have entered into a definitive agreement pursuant to which Gilead will acquire Immunomedics for $88.00 per share in cash. "This is a question that will continue to come up over and over from a Gilead perspective, especially from a capital allocation discipline perspective," Raffat said. Not a Premium Member of GuruFocus? in economics and MBA from a top 10 business school. We apologize for any inconvenience this may cause. Gilead (NASDAQ:GILD) made a tender offer for Immunomedics (NASDAQ:IMMU) on Sept. 15. Gilead paid an 89% premium ⦠Nvidia agrees to buy Arm Holdings from SoftBank Group for $40 billion. One of our representatives will be in touch soon to help get you started with your demo. These are just a few examples but the list goes on. ($50 real premium, $25 phantom.) Gilead's $21 billion purchase of New Jersey-based biotechnology firm Immunomedics Inc. and its promising breast cancer drug Trodelvy, announced Sunday afternoon, certainly qualifies as a bold move. Earlier in the day, at least two brokerages raised concerns about the deal price. Gilead Sciences/Immunomedics. GILD has a dividend yield higher than 75% of all dividend-paying stocks, making it a leading dividend payer. Gilead is paying a whopping $21 billion to acquire Immunomedics, gaining first-in-class TROP-2 antibody-drug conjugate Trodelvy for its growing oncology business. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. Disclosure: The author has positions in Amgen, Johnson & Johnson, Bristol-Myers, AbbVie, Gilead and Sanofi. Transaction values are given in the US dollar value for the year of the merger, adjusted for inflation. Thank you for your interest in S&P Global Market Intelligence! The dividend payout ratio of Gilead Sciences is 46.25%. Immunomedics in April received accelerated approval from the U.S. Food and Drug Administration for triple-negative breast cancer treatment Trodelvy. What state do you reside in? We use this when contacting you to make sure we reach the right person. At a proposed buyout price of $88 per Immunomedics share, Gilead will pay an 108% premium over the stock's closing price on Friday. What is the name of your company? Gilead Sciences does not yet have a strock track record of dividend growth. Gilead on Sunday agreed to buy the biopharmaceutical company for $21 billion and acquire all the outstanding shares of Immunomedics for $88 per share, at a premium of about 108% over Friday’s closing price of $42.25. If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ. Shares of Gilead Sciences, Inc. (GILD Quick Quote GILD - Free Report) are down in after-market hours after it reported mixed results for the first quarter of 2021 due to a decline in legacy HIV sales. View real-time stock prices and stock quotes for a full financial overview. (Reuters) - Shares of Gilead Sciences Inc, rose 3.2% on Monday, reversing their premarket losses as investors shrugged off concerns over the steep premium the U.S. drugmaker was willing to pay for Immunomedics Inc. Some investors may dismiss the news due to the price, but "the numbers to make this deal work seem feasible," Syed said. That represents a 108% premium. Genocea Biosciences, Inc., a biopharmaceutical company, discovers and develops novel cancer immunotherapies. He has over 10 years of M&A / corporate finance experience. "Management indicated that the premium will seem less robust after seeing data at ESMO, and they wanted to get in front of that readout and likely other competitive bidders.". This will help us connect you with the right person for your region. Baird said Trodelvy should give Gilead a “nice addition” to cement its foothold in the cancer treatment sphere, but that it was “less than thrilled” about the price. Gilead said it would issue a tender offer to buy all the outstanding shares of Immunomedics for $88 per share, representing a premium of about 108% over their last closing price of $42.25 on Sept 11. The shares have risen ⦠AT&T appears in ⦠The deal gives Gilead access to Immunomedics’ cancer treatment drug, Trodelvy, which was granted an accelerated approval in April by the U.S. Food and Drug administration for an aggressive and tough-to-treat type of breast cancer. The company best known for antiviral treatments made Immunomedics (NASDAQ:IMMU) a juicy buyout offer that values the recently successful cancer ⦠Gilead agreed to pay $88 a share cash for Immunomedics, representing a 108% premium to Immunomedicsâ closing price on September 11. Premium; Market Overview. Gilead Sciences, Inc. (Nasdaq: GILD) today announced the completion of the previously announced transaction to acquire Immunomedics, Inc. (Nasdaq: IMMU) for approximately $21 billion in ⦠platform or S&P Capital IQ. Please contact your professors, library, or administrative staff to receive your student login. All quotes delayed a minimum of 15 minutes. "The two immediate things that jump out here are the perhaps larger than expected dollar price tag and the percent premium," Mizuho Senior Biotech Analyst Salim Syed said in a Sept. 14 note. This creates an illusion that your stock is being given a 100% premium. The $88.00 per share acquisition price represents a 108 percent premium to Immunomedicsâ closing price on September 11, 2020. There have been some more signs of M&A activity picking up again â see Bristol Myers Squibbâs $13bn purchase of Myokardia this week â but, with the price of targets still high, buyers will either need to pay a substantial premium or keep their powder dry. The transaction, which values Immunomedics at approximately $21 billion, was unanimously approved by both the Gilead and Immunomedics Boards ⦠latest-news-headlines What city do you reside in? Avoro owned about 26.3 million shares of Immunomedics and stood to make about $2.3 billion at Gilead's purchase price of $88 per share, according to a securities filing. "However, the acquisition also gives Gilead the chance to increase its top-line in a meaningful way, and this is likely what the stock eventually needs to work.". What country or region is your city in? Following successful completion of the tender offer, Gilead will acquire all remaining shares not tendered in the offer through a second step merger at the same price as the tender offer. Gilead Sciences Inc.'s planned $21 billion acquisition of cancer-drug maker Immunomedics Inc. — the largest healthcare deal announced in 2020 so far — comes with a 108% premium that underscores the perceived value of a medicine already approved by regulators. Young noted that Gilead executives looked at Trodelvy as a commercial-stage asset, which brought about the higher premium than a treatment that has not yet been approved by regulators. Sign up for a ⦠According to EY, publicly traded biopharmas bought at a 74% premium, on average, in 2020. That represents a 108% premium. If Gilead closes the deal, it adds up This will help us connect you with the right person for your region. READ MORE: Sign up for our weekly Essential Healthcare newsletter here. Gilead said it would issue a tender offer to buy all the outstanding shares of Immunomedics for $88 per share, representing a premium of about 108% over their last closing price of $42.25 on Sept. 11. See here for a complete list of exchanges and delays. But Raffat added that Immunomedics traded at less than $20 per share for most of 2019 while the $21 billion price tag valued each share at $88 — in response to the Trodelvy approval, shares have been valued at about $50, still under Gilead's offer. Gilead agreed to pay $88 a share in cash for Immunomedics, whose shares closed at $42.25 Friday. We noticed you've identified yourself as a student. Gilead's stock was up 2.79% to $66.71 per share. Gilead Sciences has announced it's buying Immunomedics for $21 billion - we don't expect the market to react favorably. Gilead agreed to pay $88 a share in cash for Immunomedics, whose shares closed at $42.25 Friday. Following successful completion of the tender offer, Gilead will acquire all remaining shares not SVB Leerink expected the main push back from investors to be about the deal price, not the product or the commercial opportunity. Gilead on Sunday agreed to buy the biopharmaceutical company for $21 billion and acquire all the outstanding shares of Immunomedics for $88 per share, at a premium ⦠"This acquisition represents significant progress in Gilead's work to build a strong and diverse oncology portfolio," Gilead Chief Executive Officer Daniel O'Day said in a statement. Without the Immunomedics takeout the total spent last quarter looks very pedestrian, at least compared with previous years. “Gilead’s purchase price is at a 300% premium to where Immunomedics traded at the start of the year, and more than 100% higher than where the stock had recently traded,” the brokerage said. Gilead offers a premium that exceeded the price on Sept. 14 by over 100%, offerring $88 per share. For example, Gileadâs $21 billion acquisition of biotech company Immunomedics represented a premium of 108% when it was announced in September 2020. Gilead is also making inroads in the oncology space with strategic collaborations and acquisitions. "We believe [Gilead] views this deal as an anchor to all the oncology deals that they have done since the new management joined," Young said Sept. 14. (Reuters) - Shares of Gilead Sciences Inc GILD.O rose 3.2% on Monday, reversing their premarket losses as investors shrugged off concerns over the steep premium the U.S. drugmaker was willing to pay for Immunomedics Inc IMMU.O. (Bloomberg) --Gilead Sciences Inc. agreed to acquire Immunomedics Inc. for about $21 billion, a substantial premium for the maker of a promising breast-cancer therapy, and another big bet by Gilead that an innovative tumor Gilead Sciences pays an annual dividend of $2.84 per share and currently has a dividend yield of 4.12%. Thank you for your interest in S&P Global Market Intelligence! At $88 a share, the At this time we are unable to offer free trials or product demonstrations directly to students. content "Gilead is clearly excited about the strength of Immunomedics' clinical data and a possible multi-billion-dollar opportunity across indications," Raffat said on a Sept. 14 call. Gilead offered to pay $88 a share for Immunomedics Sunday, a more than 108% premium to the group's Friday closing price that would value the ⦠The Shock Exchange has a B.A. Investors had similar complaints with the buyout of Kite, although the price for Immunomedics was likely driven higher ⦠The company uses its proprietary discovery platform, ATLAS, which profiles each patient's CD4+ and CD8+ T cell immune responses to every target or antigen identified by next-generation sequencing of that patient's tumor. In the first two months of sales, Evercore analyst Umer Raffat said Trodelvy pulled in $20 million and called that a "solid start." Gilead expands oncology portfolio, acquires Immunomedics for $21B Gilead purchased Immunomedics, a Morris Plains, N.J.-based cancer drugmaker, for $21 billion. "Gilead has been working on the Immunomedics deal for about six months," Young said. BACK TO MAIN MENU Company Statements Gilead Statement on New England Journal of Medicine Publication of Positive Phase 3 ASCENT Study of Trodelvy in Metastatic Triple-Negative Breast Cancer Gilead Sciences ⦠The takeover bid is the latest multi-billion-dollar deal to be announced in the healthcare industry following a dry spell in the second quarter of 2020. "It's a great time to sell," noted Arda Ural, EY's Health Sciences and Wellness leader for the American markets. Learn more about FINVIZ*Elite S&P Global China Credit Analytics Platform, Differentiated Data to Make Informed Decisions, The DNA of Innovation Post COVID-19: Sustainability, Digitalisation & Regulation, What Private and Small Reporting Companies Can Expect from 2023 CECL. ET Sept. 14. The $88.00 per share acquisition price represents a 108% premium to Immunomedicsâ closing price on Sep 11, 2020. Its advanced program is IRX-2 that is in a Phase 2b clinical trial in patients with squamous cell cancer of the head and neck. The antibody-drug conjugate came into Gilead's stable through its acquisition of Immunomedics. We may reach out with a phone call to get you what you need as soon as possible. Immunomedics (IMMU) is seeing IMMU stock soar higher Monday following news that it will be acquired by Gilead (GILD) for $21 billion. Trodelvy also has the FDA's fast-track designation to treat urothelial cancer. ADCT | Complete ADC Therapeutics S.A. stock news by MarketWatch. Since the Gilead acquisition announcement went off, investors have gone extremely bullish on the shares of Immunomedics. esgSubNav. Per the terms of the merger agreement, a wholly-owned subsidiary of Gilead will immediately commence a tender offer to acquire all of the outstanding shares of Immunomedicsâ common stock. Gilead's purchase price represented a 100% premium to Immunomedics' recent stock price, and the price requires "heroic revenue assumptions" to create value, with ⦠Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. We use this when contacting you to make sure we reach the right person. The Immunomedics deal marks Gilead's increasing focus on cancer, one of the core business development areas for the Menlo Park, Calif.-based company, as pointed out in March by CEO Daniel O'Day, a veteran of oncology drug giant Roche Holding AG. Merger activity decreased last ⦠Reporting by Vishwadha Chander in Bengaluru; Editing by Shinjini Ganguli. Market Intelligence As of May 2021, the largest ever acquisition was the 1999 takeover of Mannesmann by Vodafone Airtouch plc at $183 billion ($281 billion adjusted for inflation). If industry watchers were ⦠ET on Zacks.com Gilead-HiFiBiO Ink Deal to Develop Antibodies Against Leukemia You're one step closer to unlocking our suite of comprehensive and robust tools. What is your primary email you use for work? Brokerage Jefferies said investors may take some time to digest the deal, but it believed the deal offered a path for Gilead to quickly move into the solid tumors market. Gilead said it would issue a tender offer to buy all the outstanding shares of Immunomedics for $88 per share, representing a premium of about 108% over their last closing price of $42.25 on Friday. If your company has a current subscription with S&P Global Market Intelligence, you can register as a What is your primary phone number we can reach you? What is your job within the company type you selected? Gilead to Buy Oncology Company Immunomedics for $21 Billion Sep. 14, 2020 at 9:44 a.m. The $88.00 per share acquisition price represents a 108 percent premium to Immunomedicsâ closing price on September 11, 2020. /marketintelligence/en/news-insights/latest-news-headlines/gilead-pays-108-premium-for-commercial-cancer-foothold-with-21b-deal-60327491 Bristol Myers Squibb/MyoKardia. Gilead pays 108% premium for commercial cancer foothold with $21B deal, Corporate Credit Risk Trends in Developing Markets: A Probability of Default Perspective, COVID-19 Impact & Recovery: Healthcare Outlook for H2 2021, Climate Credit Analytics: Linking climate scenarios to financial impacts. We will use this information to route your request to the right team within our company. Join thousands of traders who make more informed decisions with our premium features. What is your first name? Real-time quotes, advanced visualizations, backtesting, and much more. Gilead on Sunday agreed to buy the biopharmaceutical company for $21 billion and acquire all the outstanding shares of Immunomedics for $88 per share, at a premium ⦠Gilead Sciences Inc. agreed to acquire Immunomedics Inc. for about $21 billion, a substantial premium for the maker of a promising breast-cancer therapy, and another big bet by Gilead ⦠The Wall Street Journal first reported Saturday that Gilead ⦠What can we help you with today? Tell us what your area of interest is so we can get you the essential intelligence you need. Brooklyn ImmunoTherapeutics, Inc., a clinical stage biopharmaceutical company, engages in developing therapies to treat patients with cancer. Gilead Sciences, Inc. is a research-based biopharmaceutical company focused on the discovery, development, and commercialization of innovative medicines.
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