Gilead to buy Immunomedics in a $21 billion deal

(Reuters) – Gilead Sciences Inc will acquire biopharmaceutical company Immunomedics Inc for $21 billion in a deal that would further expand Gilead’s portfolio of cancer treatments, the companies said on Sunday in a statement.

Gilead will buy Immunomedics for $88 per share in cash, according to the statement.

The transaction is expected to close in Q4 of 2020, the companies said.

(Reporting by Ann Maria Shibu in Bengaluru; editing by Diane Craft)