Gilead Completes $7.8 Billion Arcellx Acquisition Deal

Gilead Sciences has finalized its acquisition of Arcellx, completing a deal valued at approximately $7.8 billion. The transaction marks a strategic expansion of Gilead’s oncology portfolio, particularly in the field of cell therapies for blood cancers.

Under the terms of the agreement, Gilead acquired Arcellx for $115 per share in cash, along with a non-transferable contingent value right (CVR) of $5 per share. The CVR is tied to future performance milestones and will be payable if cumulative global net sales of Arcellx’s lead therapy reach at least $6 billion by the end of 2029.

The acquisition builds on an existing collaboration between Arcellx and Kite Pharma, Gilead’s cell therapy division. At the center of the deal is anitocabtagene autoleucel, also known as anito-cel, an investigational BCMA-directed CAR T-cell therapy for multiple myeloma. Multiple myeloma is a type of blood cancer that affects plasma cells and remains challenging to treat, especially in advanced stages.

By acquiring Arcellx outright, Gilead gains full control over the development and commercialization of anito-cel. This move eliminates prior profit-sharing arrangements, milestone payments, and royalty obligations, enabling the company to streamline decision-making and accelerate the therapy’s clinical progress. The drug candidate also features a differentiated D-domain BCMA binder, which could potentially improve targeting and effectiveness.

The acquisition process included a tender offer completed on April 28, 2026, during which Gilead secured approximately 77.2% of Arcellx’s outstanding shares, including shares it already owned. Following this, the company finalized the transaction through a merger, making Arcellx a wholly owned subsidiary. As a result, Arcellx’s common stock will be delisted from the Nasdaq Global Select Market.

Gilead executives emphasized the importance of the acquisition in advancing innovative cancer treatments. Leadership from Kite highlighted the scientific collaboration between the two companies and expressed confidence in combining Arcellx’s research expertise with Gilead’s global manufacturing, regulatory, and commercial infrastructure.

Financially, the transaction is expected to impact Gilead’s earnings in the near term. The company anticipates a reduction in both GAAP and non-GAAP diluted earnings per share in 2026, primarily due to acquired research and development expenses. However, excluding these costs, the deal is projected to be modestly dilutive in 2026 and 2027, with expectations of becoming accretive by 2028, pending regulatory approval of anito-cel.

Overall, the acquisition underscores Gilead’s commitment to advancing next-generation cancer therapies and strengthening its leadership in the rapidly evolving field of cell therapy.