GILD Completes Arcellx Acquisition for $7.8B; Gains Anito-cel Control
Gilead Sciences, Inc. announced the successful completion of its acquisition of Arcellx, Inc. for an implied equity value of approximately $7.8 billion. Arcellx shareholders received $115 per share in cash plus a $5 per share contingent value right (CVR), which is payable upon anito-cel achieving cumulative global net sales of at least $6.0 billion by the end of 2029. This acquisition grants Gilead full control of anitocabtagene autoleucel (anito-cel), an investigational CAR T-cell therapy for multiple myeloma, eliminating future profit-share and royalty obligations. While the transaction is expected to reduce Gilead's 2026 diluted EPS by $5.57 - $5.67 and be modestly dilutive through 2027, it is projected to become accretive to earnings from 2028, subject to FDA approval of anito-cel.
Key Highlights
- GILD completed the acquisition of Arcellx for an implied equity value of approximately $7.8 billion.
- Arcellx shareholders received $115 per share in cash plus a $5 per share CVR.
- The CVR is payable upon anito-cel achieving cumulative global net sales of at least $6.0 billion by end of 2029.
- The acquisition provides GILD with full control of anitocabtagene autoleucel (anito-cel), a CAR T-cell therapy for multiple myeloma.
- The transaction is expected to reduce GILD's 2026 diluted EPS by approximately $5.57 - $5.67.
- GILD expects the transaction to be modestly dilutive to EPS in 2026-2027 and accretive from 2028 onwards.
- Arcellx common stock will be delisted from the Nasdaq Global Select Market.