Gilead Sciences announced a definitive agreement to acquire Arcellx, Inc. for an implied equity value of $7.8 billion. The deal provides cash of $115 per share, a 68 % premium to Arcellx’s 30‑day volume‑weighted average price as of February 20 2026, and a $5 per share contingent value right that will be paid if the lead CAR‑T therapy, anito‑cel, achieves cumulative global net sales of at least $6 billion through 2029. The transaction is expected to close in the second quarter of 2026.
Anito‑cel is a BCMA‑directed CAR‑T cell therapy for relapsed or refractory multiple myeloma. The U.S. Biologics License Application has been accepted by the FDA with a projected action date of December 23 2026, positioning the product for a potential launch in 2027. Full ownership of anito‑cel eliminates Gilead’s existing profit‑share, milestone, and royalty obligations, allowing the company to accelerate development and commercialization without external constraints.
Strategically, the acquisition expands Gilead’s oncology portfolio beyond its current assets such as Trodelvy and Yescarta. It also grants access to Arcellx’s D‑domain CAR technology platform, which offers advantages in specificity, binding affinity, and manufacturability for next‑generation CAR‑T and bispecific therapies. The deal is projected to be accretive to earnings per share beginning in 2028 once anito‑cel is approved and commercialized, and the contingent value right aligns the transaction value with the therapy’s commercial success.
Market participants reacted strongly to the premium offered and the elimination of profit‑share obligations. The premium of $115 per share, coupled with the $5 contingent value right, signals Gilead’s confidence in anito‑cel’s commercial potential and the strategic value of Arcellx’s technology platform.
Gilead’s CEO Daniel O’Day stated, “This agreement reflects our conviction in the potential of anito‑cel and our intention to move with speed so we can make the most of that potential for patients with multiple myeloma.” He added, “Beyond the potential launch this year, anito‑cel could become a foundational treatment for multiple myeloma over time, including earlier lines of therapy.”
Gilead already owned approximately 11.5 % of Arcellx’s outstanding common stock, and the acquisition will bring the company to 100 % ownership, consolidating its position in the rapidly evolving CAR‑T market.
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