Gilead Sciences Makes Takeover Approach to Forty Seven
(Bloomberg) -- Gilead Sciences Inc. has approached cancer therapy company Forty Seven Inc. with a takeover offer, according to people with knowledge of the matter.
Gilead has explored a number of options, including a partnership, said the people, asking not to be identified as the matter is private. Forty Seven has received interest from other potential suitors as well, they said. No deal has been finalized and talks could fall through, they said.
A representative for Gilead declined to comment. A representative for Forty Seven didn’t immediately comment.
Forty Seven rose 35% in late trading Thursday. The stock had gained 192% in the past year through Thursday’s close, giving it a market value of about $2.3 billion.
Gilead fell 2.7% to close at $72.66, giving it a market value of about $92 billion.
Gilead’s hepatitis C franchise turned the company into a pharmaceutical giant, but sales of the drugs have slipped from their peak and it has struggled to find new streams of revenue. In 2017, the company acquired Kite Pharma Inc. to establish a foothold in cancer therapy.
Forty Seven is working on cancer treatments that harness the immune system to fight tumors.
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