American pharmaceutical giant, Gilead buys Forty Seven for $4.9 bn to bolster cancer drug pipeline

UNITED STATES – Gilead Sciences Inc, an American biotechnology company that researches, develops and commercializes drugs, has said it would buy Forty Seven Inc for US$4.9 billion in cash. According to Reuters, the planned acquisition of Forty Seven will result in the addition of an experimental treatment that targets blood cancer to Gilead’s portfolio of oncology drugs. The news of the planned purchase resulted  in the shares of Forty Seven appreciating by 62%, trading slightly below the offer price of US$95.50 per share. Gilead shares on the other hand, rose…

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