Gilead Sciences has announced it will acquire Arcellx, a company specializing in CAR T-cell therapies, for $7.8 billion. The acquisition comes shortly after CEO Daniel O’Day stated that mergers and acquisitions were not an urgent priority for the company.
Under the terms of the agreement, Gilead is offering $115 per share for Arcellx, representing a 68% premium over Arcellx’s volume-weighted average share price from the past 30 days. In addition to this payment, Arcellx shareholders will receive a one-time nontransferable contingent value right worth $5 per share if certain commercial milestones are achieved. Both companies expect the deal to close in the second quarter of this year.
The main asset driving this acquisition is anitocabtagene autoleucel, also known as anito-cel. This investigational CAR T therapy targets BCMA protein and is intended to treat patients with relapsed or refractory multiple myeloma. The drug is currently under review by the U.S. Food and Drug Administration (FDA), with a target action date set for December 23, 2026.
Data from the pivotal Phase 2 iMMagine-1 study showed promising results for anito-cel, including a 97% overall response rate and complete or stringent complete responses in 68% of participants. Six-month progression-free survival was reported at 91.9%, while overall survival reached 96.6%. The companies are also conducting a Phase 3 trial called iMMagine-3, which compares anito-cel with standard treatments such as pomalidomide, bortezomib, and dexamethasone. This study aims to enroll 450 patients who have undergone one to three prior lines of therapy and is expected to reach primary completion in July 2028.
Gilead first partnered with Arcellx in December 2022 through its Kite subsidiary, providing $225 million upfront and making a $100 million equity investment focused on developing anito-cel. The initial agreement included potential milestone payments up to $3.9 billion. In November 2023, Gilead expanded its commitment by investing another $85 million in cash and $200 million in equity investments along with additional milestones.
The acquisition follows other recent deals by Gilead in the cell therapy space. In October 2025, Gilead entered into a partnership with China’s Pregene involving $120 million upfront and up to $1.52 billion in milestone payments. In January of this year, Gilead also committed $300 million toward collaboration with OncoNano Medicine on new cancer drugs.
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