Gilead Sciences Inc (Nasdaq: GILD), a US-based biopharmaceutical company announced on Friday the completion of the previously announced transaction to acquire Immunomedics Inc (Nasdaq: IMMU) for approximately USD21 billion in the aggregate.
Daniel O'Day, chairman and chief executive officer, Gilead Sciences, said, 'We are very pleased to reach today's milestone and to welcome the talented Immunomedics team to the Gilead family. There is a lot of important work ahead of us to deliver on the vast potential that Trodelvy offers for patients with cancer. Together we will bring Trodelvy to many more patients around the world with triple-negative breast cancer and continue to explore its potential in many other types of cancer, both as a monotherapy and in combination with other treatments.'
This is the completion of the deal that was first announced on 13 September 2020. As a result of the completion of the merger, Immunomedics has become a wholly owned subsidiary of Gilead and the common stock of Immunomedics will no longer be listed for trading on the Nasdaq Global Market, which is expected to take effect as of the close of market on 23 October 2020.
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