Gilead Sciences is acquiring Immunomedics in a $21 billion deal, the latest in a string of transactions the company has made to bolster its cancer drug portfolio.

The acquisition announced Sunday comes five months after Morris Plains, NJ-based Immunomedics won FDA approval for cancer drug sacitizumab govitecan (Trodelvy). The regulatory decision covers triple negative breast cancer but the drug, projected to become a blockbuster seller, is also being evaluated in other types of cancer.

According to deal terms announced Sunday, Foster City, CA-based Gilead (NASDAQ: GILD) has agreed to pay $88 cash per share of Immunomedics (NASDAQ: IMMU),… Read more »