Gilead to acquire Arcellx for up to $7.8B

$GILD (Gilead Sciences) is buying cancer therapy developer $ACLX (Arcellx) for up to $7.8B, doubling down on CAR-T in multiple myeloma and taking fuller control of their partnered therapy anito-cel.

What happened

Gilead will pay $115 per share in cash for Arcellx, a big premium to the prior close, and there’s also a contingent $5 per share tied to anito-cel sales milestones.

The key asset is anito-cel, a CAR-T therapy for multiple myeloma that’s under FDA review, with a decision expected by December 23, 2026.

Strategically, this is Gilead leaning harder into oncology growth as it faces pressure in other parts of the portfolio (including a decline in COVID drug sales and future patent cliffs).

Why the market cares

1. CAR-T in myeloma is already a pro ...