Gilead Sciences to Buy Arcellx for up to $7.8B

CNBC, Axios, the Financial Times, Bloomberg contributed to this report.

Big biotech deal: Gilead agreed Monday to buy Arcellx for an implied equity value of $7.8 billion, expanding a cell-therapy tie-up that began in 2022. The buyer will hand Arcellx shareholders $115 in cash per share at closing — a 79% premium to the stock’s prior close — and could pay another $5 per share if the companies hit $6 billion in cumulative global anito-cel sales through the end of 2029.

Market move: Arcellx stock rocketed — up 77.8% to $113.99 in early trading — while Gilead ticked down roughly 1% in premarket trade. The price tag implies a hefty bet on anito-cel, the CAR-T therapy Arcellx and Gilead have been developing together.

Why it matters: The deal brings Arcellx fully under the buyer’s umbrella and deepens work with Kite Pharma on anito-cel, an experimental CAR-T treatment for multiple myeloma. The US regulator, US Food and Drug Administration, is currently reviewing the therapy, with a decision expected by Dec. 23 this year — a milestone that will make or break the timetable for commercial rollout.

Financials and outlook: If anito-cel wins approval, Gilead says the acquisition should be accretive to earnings per share in 2028 and beyond. The contingent $5-per-share payout links part of the purchase price to real commercial success, not just regulatory greenlighting.

The pitch: CAR-T uses a patient’s own genetically reprogrammed immune cells to hunt cancer. For Gilead, folding Arcellx in accelerates control over an R&D program it already co-develops and helps secure manufacturing and commercialization rights if anito-cel clears regulators.

This is a classic buy-to-own move — Gilead pays a premium to lock in a promising candidate and avoid partner squabbles later. The stock pop at Arcellx reflects optimism that anito-cel could be a major multiple-myeloma therapy; the real test will come when the FDA rules and commercial numbers start to roll in.