(Reuters) – Gilead Sciences Inc (O:) will acquire biopharmaceutical company Immunomedics Inc (O:) for $21 billion in a deal that would further expand Gilead’s portfolio of cancer treatments, the companies said in a statement on Sunday.
The deal provides Gilead access to Immunomedics’ breast cancer treatment drug, Trodelvy, which was granted an accelerated FDA approval in April.
Gilead said it would issue a tender offer to buy all the outstanding shares of Immunomedics for $88 per share in cash.
The offer will be funded through $15 billion in cash on hand, as well about $6 billion in newly issued debt, according to the statement.
The transaction is expected to close in the fourth quarter of 2020, the companies said.
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