Is Gilead chief Dan O’Day ready for a new biotech deal in the oncology field?
Twitter lit up Wednesday afternoon after Bloomberg put out a story that a deal-hungry Gilead was in the hunt to buy a stake in Arcus Biosciences — one of the up-and-comers in immuno-oncology that recently aligned itself with O’Day’s alma mater Roche.
The biotech’s stock $RCUS instantly jumped 51% after the bell, as investors bet on the likelihood that a deal was in the works.
If accurate, Gilead is closing in on its second cancer biotech deal in weeks, following their $5 billion buyout of Forty Seven, which targeted a mechanism cells use to escape an immune system attack. And they’re clearly not letting the coronavirus outbreak — which has Gilead focused on remdesivir — slow them down.
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