Gilead Sciences (NASDAQ:GILD) announced Monday it has entered into a definitive agreement to acquire Arcellx (NASDAQ:ACLX), moving to take full control of a high-potential cell therapy pipeline for multiple myeloma.
Under the terms of the deal, Gilead will pay $115 per share in cash at closing, plus a contingent value right (CVR) of $5 per share tied to future sales milestones.
The transaction implies an upfront equity value of approximately $7.8 billion and represents a 68% premium to Arcellx’s 30-day volume-weighted average price.
The acquisition centralizes the development of anitocabtagene autoleucel (anito-cel), an investigational BCMA-directed CAR T-cell therapy, the two companies have co-developed through Gilead’s Kite unit since 2022.
By absorbing Arcellx, Gilead eliminates existing profit-sharing and royalty obligations, clearing the path for an unencumbered global commercial launch.
Anito-cel has already demonstrated deep, durable responses in heavily pre-treated multiple myeloma patients, a population that often faces diminishing options due to high toxicity in current treatments.
Gilead’s "all-in" move comes at a strategic inflection point.
The FDA recently accepted the Biologics License Application (BLA) for anito-cel as a fourth-line treatment, with a PDUFA action date set for December 23, 2026.
CEO Daniel O’Day noted that beyond the immediate launch, Arcellx’s proprietary D-Domain technology could prove foundational for "in vivo" cell therapies—a next-generation field that aims to engineer immune cells directly inside the patient's body, potentially disrupting the current, complex manufacturing model for CAR-T.
The deal is expected to close in the second quarter of 2026, pending customary regulatory approvals.
Gilead confirmed the transaction is projected to be accretive to adjusted earnings per share starting in 2028.