The acquisition of Forty Seven will strengthen Gilead’s immuno-oncology research and development portfolio with the addition of Forty Seven’s investigational lead product candidate, magrolimab
Gilead agrees to acquire immuno-oncology firm Forty Seven. (Credit: Capri23auto/Pixabay.)
US-based biopharmaceutical company Gilead Sciences has agreed to acquire clinical-stage immuno-oncology firm Forty Seven for approximately $4.9bn in cash.
The transaction is expected to be completed, subject to regulatory approvals and other customary closing conditions, in the second quarter of 2020.
Gilead Sciences chairman and chief executive officer Daniel O’Day said: “This agreement builds on Gilead’s presence in immuno-oncology and adds significant potential to our clinical pipeline.
“Magrolimab complements our existing work in haematology, adding a non-cell therapy program that complements Kite’s pipeline of cell therapies for haematological cancers.
“With a profile that lends itself to combination therapies, magrolimab could potentially have transformative benefits for a range of tumour types.
“We are looking forward to working with the highly experienced team at Forty Seven to help patients with some of the most challenging forms of cancer.”
Gilead to benefit from Forty Seven’s investigational product candidate magrolimab
The acquisition is expected to strengthen Gilead’s immuno-oncology research and development portfolio, through the addition of Forty Seven’s investigational product candidate, magrolimab.
Magrolimab is a monoclonal antibody, under clinical development for the treatment of various cancers, including myelodysplastic syndrome (MDS), acute myeloid leukaemia (AML) and diffuse large B-cell lymphoma (DLBCL), which need transformative medicines.
Magrolimab is said to target CD47, a signal that prevents cancer cells from destruction and allows the patient’s own innate immune system to eliminate the cancer cells.
In addition, Forty Seven has presented positive results for magrolimab in patients with MDS and AML from a Phase 1b study, which confirms magrolimab’s potential to be an effective therapy.
Forty Seven president and chief executive officer Mark McCamish said: “This is an exciting day for patients who may one day benefit from future anti-CD47 therapies and other immuno-oncology treatments based on our research and an exciting time for Forty Seven as this allows us to achieve our vision of helping patients defeat their cancer.
“We are pleased to join Gilead and believe that by combining our scientific expertise with Gilead’s strength in developing treatments that modify the immune system, we will be able to more rapidly advance our therapies.”