Gilead CEO Dan O'Day's $21B M&A deal to buy Immunomedics gets some harsh reviews
After a wild, 4-year roller coaster ride, ImmunoMedics $IMMU is getting its fairy-tale ending after all.
Sunday evening Gilead $GILD put the weekend rumors to rest and announced its agreement to buy out the company for $21 billion, which gives the big biotech Trodelvy, newly approved for metastatic triple negative breast cancer. That’s big money for a single-drug deal. Four years ago Immunomedics’ stock sold for about $2 a share. It closed Friday at $42.25, and Gilead is paying $88.
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