Gilead Sciences has agreed to acquire Arcellx in an all-cash transaction valued at $7.8 billion in implied equity value, comprising $115 per share plus a $5 per share contingent value right. The strategic acquisition provides Gilead access to anito-cel, an investigational CAR T-cell therapy currently in development for patients with relapsed or refractory multiple myeloma, a blood cancer affecting plasma cells in the bone marrow.
The transaction is structured to accelerate the clinical and commercial advancement of anito-cel, with FDA approval anticipated by the end of 2026. This timeline positions the therapy to reach the market within Gilead's broader oncology strategy, complementing its existing portfolio of cancer treatments. The contingent consideration component of the deal ties additional payments to the achievement of regulatory and commercial milestones, aligning incentives between the acquiring and acquired parties.
Gilead projects the acquisition will be accretive to earnings per share beginning in 2028, following the anticipated market launch of anito-cel. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals. This move reflects Gilead's continued investment in innovative cell therapy approaches to address unmet medical needs in hematologic malignancies.