Daniel O'Day (AP Images)
In possible sign of things to come, Daniel O’Day’s new-look Gilead bets $4.9B on cancer biotech
Gilead has made its first big splash in three years, acquiring the cancer biotech Forty Seven for $4.9 billion, the drugmaker announced.
The biotech brings with it a lead antibody that’s already shown response rate of 50% and complete response rates of 40% in small trials on hard-to-treat blood cancers. Gilead paid more than twice what Forty Seven’s market cap was before word leaked that the pharma giant had approached them with an offer. Bloomberg News, which reported that offer, said there were other companies attempting to make a play.
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