TLDR
- Gilead Sciences is acquiring Arcellx for $7.8 billion, paying $115 per share in cash plus a $5 contingent value right
- Arcellx stock jumped over 78% in premarket trading Monday following the announcement
- The deal centers on anito-cel, a CAR-T cell therapy for multiple myeloma currently under FDA review
- The $115 cash offer represents a 68-79% premium to Arcellx’s recent trading price
- The deal is expected to close in Q2 2026 and be earnings-accretive for Gilead from 2028 onward
Arcellx $ACLX surged more than 78% in premarket trading Monday after Gilead Sciences $GILD announced it will buy the biotech company for an implied equity value of $7.8 billion.
Gilead is offering $115 per share in cash at closing. That’s a premium of roughly 68% to Arcellx’s 30-day volume-weighted average price as of February 20, 2026.
There’s also a contingent value right attached. Shareholders can receive an extra $5 per share if anito-cel hits cumulative global net sales of at least $6 billion from launch through the end of 2029.
The deal gives Gilead full ownership of anito-cel, an investigational CAR-T cell therapy being developed for multiple myeloma patients. CAR-T therapy works by taking a patient’s own immune cells, genetically modifying them, and using them to target cancer cells.
The two companies have been working together on anito-cel since 2022, through Gilead’s Kite Pharma unit. This acquisition wraps up that partnership and hands Gilead complete control, cutting out any profit-sharing, milestones, and royalties.
Gilead already owns around 11.5% of Arcellx’s outstanding common stock going into the deal.
FDA Decision Due December 2026
The FDA has accepted a Biologics License Application for anito-cel as a fourth-line treatment for patients with relapsed or refractory multiple myeloma. The agency’s action date is set for December 23, 2026.
The application draws on data from a Phase 1 study and the pivotal Phase 2 iMMagine-1 trial.
If approved, Gilead expects the transaction to be accretive to earnings per share starting in 2028.
Gilead’s stock dipped around 1% in premarket trading following the announcement. That’s a fairly typical move for an acquiring company after a large deal is announced.
“This agreement reflects our conviction in the potential of anito-cel,” said Gilead Chairman and CEO Daniel O’Day, “and our intention to move with speed so we can make the most of that potential for patients with multiple myeloma.”
Deal Timeline and Approval
Both boards have approved the transaction. It is expected to close in the second quarter of 2026, pending regulatory approvals and other standard closing conditions.
Arcellx stock was trading at around $113.99 in premarket, just below the $115 cash offer price. That gap reflects the usual deal uncertainty baked into the market until closing.
The $5 contingent value right gives shareholders a potential upside beyond the base deal price, though it depends entirely on anito-cel hitting that $6 billion sales milestone by end of 2029.
Arcellx stock was up 78.03% in premarket trading as of Monday morning, February 23, 2026.
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