WASHINGTON, 23 February 2026 — Gilead Sciences said it will pay up to US$7.8 billion to acquire its partner Arcellx, marking its largest transaction since 2020 as the drugmaker seeks to strengthen its oncology portfolio.
Gilead, which has a strong presence in HIV and liver disease treatments, has been pursuing growth opportunities beyond its core areas amid declining sales of its COVID-19 treatment Veklury and looming patent expiries.
Under the agreement, Gilead will pay US$115 per share in cash, representing a 79% premium to Arcellx’s last closing price. Arcellx shares surged 78.5% to US$114.46 in premarket trading, while Gilead shares slipped about 1%.
The acquisition is Gilead’s largest since its US$21 billion purchase of Immunomedics, which added the cancer drug Trodelvy to its pipeline.
Arcellx has been collaborating with Kite Pharma, a unit of Gilead, to develop and commercialise anito-cel, an experimental CAR-T therapy for multiple myeloma, a blood cancer.
CAR-T cell therapy involves using a patient’s own genetically modified immune cells to identify and destroy cancer cells.
The U.S. Food and Drug Administration is currently reviewing anito-cel as a fourth-line treatment for patients with relapsed or refractory multiple myeloma, with a regulatory decision expected by December 23 this year.
“Beyond the potential launch this year, anito-cel could become a foundational treatment for multiple myeloma over time, including earlier lines of therapy,” said Gilead chief executive Daniel O’Day.
O’Day added that anito-cel’s unique targeting technology could help Gilead develop next-generation cell therapies, strengthening its position in oncology and inflammation treatment.
Gilead said that upon FDA approval of anito-cel, the proposed transaction is expected to be accretive to earnings per share in 2028 and beyond.
In addition, Gilead will pay Arcellx shareholders an extra US$5 per share, contingent on cumulative global net sales of anito-cel reaching at least US$6 billion from launch through the end of 2029.
