Arcellx acquired by Gilead Sciences

Biopharmaceutical corporation Gilead Sciences completed the acquisition of clinical-stage biotechnology firm Arcellx structured via a cash tender offer of $115 per share alongside a non-transferable contingent value right of $5 per share payable upon achieving $6.0 billion in cumulative global net sales through year-end 2029. The cash consideration reflected a 68% premium over Arcellx's 30-day volume-weighted average price as of February 20, 2026. Prior to the buyout, Gilead held an 11.5% equity stake in Arcellx following a 2022 collaboration agreement through its Kite cell therapy unit. The transaction secures full operational control over the lead investigational CAR-T candidate anito-cel, an autologous treatment for relapsed or refractory multiple myeloma currently under FDA review with a PDUFA action date scheduled for December 23, 2026. At the time of transaction closing on April 28, 2026, following its initial announcement on February 23, 2026, Arcellx posted LTM revenue of $10–30M and counted approximately 200 employees. Arcellx retained Centerview Partners as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati as legal advisor, while Gilead was advised financially by BofA Securities and Morgan Stanley, with Ropes & Gray acting as legal counsel. Financially, the acquisition creates near-term earnings dilution of roughly $5.6 per share in 2026 due to clinical development investments and transaction expenses, with EPS accretion expected starting in 2028 following regulatory clearance. This strategic buyout enables Gilead to eliminate all remaining profit-sharing, commercial milestones, and royalty payments under the former joint agreement, consolidating full commercial rights over the proprietary D-Domain platform to compete directly within the multi-billion-dollar multiple myeloma treatment market.