Gilead Sciences to Acquire Immunomedics for $21 Billion in Cash

Gilead Sciences' (NASDAQ: GILD) mission to create a better oncology portfolio took a big step forward on Sunday. The company best known for antiviral treatments made Immunomedics (NASDAQ: IMMU) a juicy buyout offer that values the recently successful cancer drug developer at $21 billion.

Immunomedics shareholders will receive $88 per share in cash from Gilead Sciences when the deal closes, most likely before the end of the year. The price Gilead offered is 108% more than Immunomedics' most recent closing price.

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Source Fool.com