Gilead Sciences Acquires Forty Seven Inc. for $4.9 Billion
On March 2, Gilead Sciences Inc. (GILD.O) announced that it will acquire Forty Seven Inc. (FTSV.O) for $4.9 billion in cash. Gilead Sciences was particularly interested in adding an experimental treatment targeting blood cancer to its portfolio of oncology drugs. Forty Seven’s leading drug, magrolimab, switches off the CD47 signal that allows tumor cells to avoid destruction by the body.
Sonal detected the event and sent an alert at 1:55 am. Gilead’s next trade took place at 4:00 am for $70. The stock price pushed higher throughout the day to close near $75. The gains continued over the next four trading session. Gilead closed at $80.22 on March 6 for a gain of 14.6%.
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