Deals
Gilead to Buy Forty Seven for $4.9 Billion for Cancer Drug
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Gilead Sciences Inc. agreed to buy Forty Seven Inc. for about $4.9 billion to advance into one of the hottest areas of pharmaceutical research: cancer treatments that harness the immune system to fight tumors.
Gilead will acquire Forty Seven for $95.50 per share in cash in a transaction cleared by both boards, the Foster City, California-based company said in a statement Monday. The price is a 96% premium to Forty Seven’s closing price Thursday, before Bloomberg News broke the news of Gilead’s approach. Forty Seven’s shares rose 62% to $93.79 at 10:02 a.m. in New York.