Gilead Sciences (Nasdaq: GILD) announced on Monday an agreement to acquire its cancer immunotherapy partner Arcellx (Nasdaq: ACLX) for up to $7.8 billion, securing full control of anito-cel, a multiple myeloma therapy the companies have been jointly developing. The deal marks Gilead’s largest acquisition since 2020 and signals an accelerated push into oncology as its core antiviral franchise faces mounting pressures.
Under the terms of the agreement, Gilead will pay $115 per share in cash, representing a 79% premium to Arcellx’s closing price on Friday. Arcellx shareholders are also eligible to receive an additional $5 per share in cash if anito-cel achieves cumulative global net sales of at least $6 billion from launch through the end of 2029. The transaction is expected to close in the second quarter of 2026.
Shares of Arcellx surged 77.9% to $114.06 in morning trading Monday following the announcement.
Anito-cel (anitocabtagene autoleucel) is a next-generation CAR-T therapy targeting BCMA for the treatment of multiple myeloma, a blood cancer characterized by high relapse rates. The therapy is currently under review by the U.S. Food and Drug Administration (FDA) as a fourth-line treatment, with a decision expected by December 23, 2026. The filing is supported by data from a Phase 1 study and the pivotal Phase 2 iMMagine-1 trial, which have shown durable responses and a more manageable side effect profile compared to some existing CAR-T therapies.
“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 CEO of Gilead. “Beyond the potential launch this year, anito-cel could become a foundational treatment for multiple myeloma over time, including earlier lines of therapy.”
The multiple myeloma CAR-T space is fiercely competitive. Johnson & Johnson and partner Legend Biotech launched Carvykti in 2022, which generated approximately $1.9 billion in sales in 2025. RBC Capital Markets analyst Brian Abrahams noted that anito-cel could offer a superior safety profile compared to Carvykti, positioning it as a potential leader in the field if approved.
BMO Capital Markets analyst Evan Seigerman viewed the deal favorably from a financial perspective, noting that it not only secures a late-stage asset for Gilead but also eliminates up to $1.5 billion in potential future milestone payments to Arcellx.
Beyond anito-cel, the acquisition brings Gilead access to Arcellx’s proprietary D-Domain platform, a technology designed to improve how engineered immune cells recognize cancer targets. This platform could support future cell therapy research, including potential in vivo approaches. Arcellx’s early-stage pipeline also includes experimental therapies for acute myeloid leukemia and generalized myasthenia gravis, which will now become part of Gilead’s development portfolio.
The deal continues Gilead’s strategy of expanding its oncology pipeline through partnerships and acquisitions. In 2020, the company acquired Immunomedics for $21 billion, gaining the breast cancer antibody-drug conjugate Trodelvy. By exercising its option to acquire Arcellx outright, Gilead is demonstrating a broader industry trend where large pharmaceutical companies leverage early partnerships to secure preferential acquisition rights, avoiding costly bidding wars in highly competitive fields like oncology.
With sales of its COVID-19 therapy Veklury declining and its core HIV franchise facing long-term patent expirations, Gilead is under pressure to diversify its revenue streams. The company expects the transaction to be accretive to earnings per share starting in 2028, contingent upon FDA approval of anito-cel.
Analysts believe anito-cel has the potential to become a multi-billion dollar product, providing Gilead with a strong foothold in oncology. Upon deal closure, Gilead will assume full responsibility for the global development and commercialization of anito-cel and will work to advance it into earlier lines of treatment.
For Arcellx, joining Gilead provides access to broader resources to advance its technology platform and pipeline. As the FDA review date approaches, market attention will now focus on whether anito-cel can deliver on its promise to become a leading next-generation cell therapy.
