Gilead to Buy US Biotech Arcellx for Up to $7.8 Billion

Gilead Sciences Inc. agreed to buy US cancer-focused biotech Arcellx Inc. for as much as $7.8 billion as it seeks to boost its drug pipeline.

Gilead, which owns 11.5% of Arcellx’s outstanding stock, will pay $115 per share in cash, with a contingent payment of $5 per share dependent on future sales, it said Monday. The price is almost double Arcellx’s Friday closing price.