Arcellx Inc. (NASDAQ:ACLX) shares soared 78.3% in premarket trading Monday after Gilead Sciences (NASDAQ:GILD) revealed plans to acquire the biotechnology company in a transaction valuing its equity at approximately $7.8 billion.
Under the terms of the agreement, Arcellx shareholders will receive $115 per share in cash along with a contingent value right (CVR) worth up to $5 per share, tied to future commercial milestones.
The acquisition expands upon the companies’ existing partnership focused on anitocabtagene autoleucel (anito-cel), an investigational BCMA-targeted CAR T-cell therapy being developed for patients with multiple myeloma. Through the deal, Gilead will obtain full ownership of anito-cel, removing existing profit-sharing arrangements, milestone obligations and royalty payments.
The U.S. Food and Drug Administration has already accepted the Biologics License Application for anito-cel as a fourth-line treatment for relapsed or refractory multiple myeloma. The therapy currently carries a Prescription Drug User Fee Act (PDUFA) decision date of December 23, 2026. Regulatory submissions are supported by findings from a Phase 1 trial and the pivotal Phase 2 iMMagine1 study.
“This agreement reflects our conviction in the potential of anito-cel and our intention to move with speed so we can make the most of that potential for patients with multiple myeloma,” said Daniel O’Day, Chairman and Chief Executive Officer of Gilead Sciences.
The $115-per-share cash consideration represents a 68% premium to Arcellx’s 30-day volume-weighted average share price as of February 20, 2026. The CVR provides an additional $5 per share if cumulative global net sales of anito-cel reach at least $6.0 billion between launch and the end of 2029.
Both companies’ boards have approved the transaction, which is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions. Gilead currently holds roughly 11.5% of Arcellx’s outstanding shares.
If anito-cel receives FDA approval, the acquisition is expected to contribute positively to Gilead’s earnings per share beginning in 2028 and beyond.