Forty Seven succumbs to $4.9 billion takeover offer

2 March 2020

Confirming rumors developing over the weekend that pushed the share of USA-based Forty Seven (Nasdaq: FTSV) up as much as 35%, to a market capitalization of about $2.3 billion, US biotech major Gilead Sciences (Nasdaq: GILD) this morning announced that it has entered into a definitive agreement to acquire the company for $95.50 per share in cash, representing a premium of 64.7% to the stock's Friday closing price.

The transaction, which values Forty Seven at around $4.9 billion, was unanimously approved by both the Gilead and Forty Seven boards of directors and is anticipated to close during the second quarter of 2020, subject to regulatory approvals and other customary closing conditions.

Forty Seven’s shares were trading up 61% at $93.40 pre-market this morning, while Gilead dipped 2.7% to $70.65.

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