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Gilead Buys Forty Seven for $4.9B

The company's lead product is in clinical development for the treatment of several cancers.

This Thursday, March 12, 2009, file photo shows Gilead Sciences Inc. headquarters in Foster City, Calif. Scientists in the city at the center of China’s virus outbreak have applied to patent a drug made by U.S. company Gilead Science Inc. to treat the disease, possibly fueling more of the conflict over technology policy that helped trigger Washington’s tariff war with Beijing.
This Thursday, March 12, 2009, file photo shows Gilead Sciences Inc. headquarters in Foster City, Calif. Scientists in the city at the center of China’s virus outbreak have applied to patent a drug made by U.S. company Gilead Science Inc. to treat the disease, possibly fueling more of the conflict over technology policy that helped trigger Washington’s tariff war with Beijing.
AP Photo/Paul Sakuma, File

Gilead Sciences is buying the cancer treatment company Forty Seven in a deal valued at approximately $4.9 billion.

Gilead, based in Foster City, California, will pay $95.50 for each Forty Seven Inc. share.

Gilead said Monday that the transaction will strengthen its immuno-oncology research and development portfolio with the addition of of Forty Seven Inc.'s investigational lead product candidate, magrolimab, which is in clinical development for the treatment of several cancers.

Forty Seven's stock soared more than 60% before the market open. Gilead rose 1.2%.

The deal is targeted to close in the second quarter.

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