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Gilead is approaching a deal to buy Immunomedics for more than $ 20 billion

Gilead Sciences office is shown in Foster City, California, USA, May 1, 2018.

Stephen Lam Reuters

Gilead Sciences Inc is approaching a deal to buy biopharmaceutical company Immunomedics Inc for more than $ 20 billion in a deal that will further expand Gilead’s portfolio of cancer treatments, the Wall Street Journal reported on Saturday.

The deal for Immunomedics, whose cancer therapy Trodelvy has been approved by the FDA as a third-line treatment for an aggressive type of breast cancer called metastatic triple-negative breast cancer, could be announced on Monday, if not sooner. referring to people familiar with the matter.

Discussions between Gilead and Immunomedics initially focused on partnership before moving to full-fledged takeover talks, the paper added.

Gilead and Immunomedics did not respond immediately to Reuters emails for comment.

Shares of Immunomedics, which last month reported positive data from a confirmatory study of Trodelvy at a later stage, doubled almost this year, with the company valued at nearly $ 1

0 billion.

The acquisition of Immunomedics would add to several deals Gilead signed this year to expand its portfolio of cancer products.

He bought a 49.9% stake in cancer drug developer Pionyr Immunotherapeutics in June for $ 275 million, just months after paying $ 4.9 billion to Forty Seven Inc, a maker of experimental blood cancer treatment.

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