Forty Seven succumbs to $4.9 billion takeover offer
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.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Biotechnology
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze