Gilead Sciences, Inc.
Acquisitions
8
Major Deals Covered
$65.7B
Disclosed Deal Value
Gilead Sciences's largest disclosed acquisition here is Immunomedics, Inc. for $21B in 2020. This page covers 8 major deals from 2011 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Arcellx, Inc. | 2026 | $7.8B | Full ownership of anito-cel, a BCMA-directed CAR-T therapy for multiple myeloma developed with Kite. |
| Tubulis GmbH | 2026 | $3.1B | Next-generation antibody-drug conjugate platform from a Munich-based biotech. |
| Ouro Medicines | 2026 | $1.7B | Expand the inflammation pipeline, acquired together with Lakefront. |
| CymaBay Therapeutics | 2024 | $4.3B | Gain seladelpar (Livdelzi) for primary biliary cholangitis. |
| Immunomedics, Inc. | 2020 | $21.0B | Gilead acquired Immunomedics for $21 billion to gain control of the Sacituzumab govitecan (Trodelvy) ADC platform, establishing a dominant position in solid tumor oncology. |
| Kite Pharma, Inc. | 2017 | $11.9B | Gilead acquired Kite Pharma for $11.9 billion to establish a dominant position in autologous CAR-T cell therapy with Yescarta and expand its presence in oncology. |
| Pharmasset, Inc. | 2011 | $11.0B | Gilead acquired Pharmasset for $11 billion to secure the nucleotide analog platform responsible for Sovaldi and Harvoni, the curative hepatitis C therapies. |
| Forty Seven, Inc. | 2020 | $4.9B | Gilead acquired Forty Seven for $4.9 billion to gain control of the CD47 blocker magrolimab, a novel oncology asset targeting myelodysplastic syndromes and acute myeloid leukemia. |
2026
$7.8B
Full ownership of anito-cel, a BCMA-directed CAR-T therapy for multiple myeloma developed with Kite.
Gilead paid $115 per share plus a $5 CVR; the deal drove most of the more than $11B of Q2 2026 acquired IPR&D expense.
Closed April 28, 2026; anito-cel has an FDA decision date in December 2026.
2026
$3.1B
Next-generation antibody-drug conjugate platform from a Munich-based biotech.
$3.15B upfront plus up to $1.85B in milestones.
Closed May 21, 2026.
2026
$1.7B
Expand the inflammation pipeline, acquired together with Lakefront.
$1.675B upfront plus up to $500M in contingent milestones.
Completed in 2026.
2024
$4.3B
Gain seladelpar (Livdelzi) for primary biliary cholangitis.
The non-deductible IPR&D charge cut 2024 net income to $480M.
Livdelzi now drives growth in the Liver Disease portfolio.
2020
$21.0B
Gilead acquired Immunomedics for $21 billion to gain control of the Sacituzumab govitecan (Trodelvy) ADC platform, establishing a dominant position in solid tumor oncology.
The acquisition provided Gilead with a first-mover advantage in the Trop-2 ADC space, generating $1.4 billion in FY2025 sales and establishing a new growth engine for the company.
Trodelvy grew to $1.4B in FY2025 sales, but the drug lost its bladder cancer indication and the ASCENT-07 trial missed its primary endpoint, so growth has been slower than the price implied.
2020
$4.9B
Gilead acquired Forty Seven for $4.9 billion to gain control of the CD47 blocker magrolimab, a novel oncology asset targeting myelodysplastic syndromes and acute myeloid leukemia.
Magrolimab was the main asset; Gilead halted its development in 2024 after trials did not show benefit.
The deal is widely cited as Gilead's costliest oncology setback.
2017
$11.9B
Gilead acquired Kite Pharma for $11.9 billion to establish a dominant position in autologous CAR-T cell therapy with Yescarta and expand its presence in oncology.
Kite made Gilead a CAR-T leader; cell therapy sales were $1.8B in FY2025, including about $1.5B from Yescarta.
Cell therapy sales declined 7% in 2025 on competition, and Kite now partners on anito-cel, which Gilead secured fully through the 2026 Arcellx deal.
2011
$11.0B
Gilead acquired Pharmasset for $11 billion to secure the nucleotide analog platform responsible for Sovaldi and Harvoni, the curative hepatitis C therapies.
Sofosbuvir-based hepatitis C cures generated tens of billions of dollars in sales and helped lift Gilead's revenue to $30.4B in 2016.
Hepatitis C sales declined as patients were cured, but the deal remains one of the most profitable acquisitions in biotech history.
Gilead's growth plan has four parts: expand HIV prevention with Yeztugo and Descovy, defend HIV treatment with next-generation regimens such as bictegravir/lenacapavir, grow liver disease with Livdelzi, and buy into oncology and inflammation. In 2025 it acquired Interius BioTherapeutics for in vivo CAR-T. In 2026 it closed Arcellx (about $7.8B implied equity value), Tubulis ($3.15B upfront, up to $1.85B in milestones) and Ouro Medicines ($1.675B upfront, with Lakefront) to rebuild its pipeline.
Gilead discovers, licenses or acquires drug candidates, takes them through clinical trials and regulatory approval, then sells them through wholesalers, pharmacies and hospitals under patent protection. Product sales were $28.9B of FY2025 revenue, with the rest coming from royalties and contract income. HIV is the profit engine: Biktarvy is a once-daily single tablet that patients typically take for years, which makes revenue recurring. Non-GAAP product gross margin was 86.4% in 2025, and Gilead spent $5.8B on R&D plus about $1.0B on acquired in-process R&D. Large acquisitions such as Pharmasset (2011), Kite (2017), Immunomedics (2020), CymaBay (2024) and Arcellx (2026) have supplied most of its new franchises.
Key acquisitions in Gilead's history include NeXstar Pharmaceuticals (1999, which brought AmBisome), Triangle Pharmaceuticals (2003, bringing emtricitabine/FTC for HIV), Pharmasset (2011, bringing Sovaldi for Hepatitis C), Kite Pharma (2017, bringing Yescarta CAR-T therapy), and Immunomedics (2020, bringing Trodelvy for oncology).
Gilead acquired Pharmasset for $11 billion in cash to secure sofosbuvir (Sovaldi). Sofosbuvir transformed the treatment of Hepatitis C by delivering cure rates exceeding 95% with short oral regimens, generating over $50 billion in cumulative revenues and saving millions of patient lives.
Acquiring Kite Pharma positioned Gilead as the immediate global leader in CAR T-cell therapy, providing clinical cell engineering platforms, high-tech manufacturing facilities, and Yescarta/Tecartus, transforming Gilead into a major player in hematologic oncology.
Gilead acquired Immunomedics for $21 billion to acquire Trodelvy (sacituzumab govitecan), a foundational antibody-drug conjugate (ADC) targeting Trop-2, giving Gilead an approved blockbuster therapy for triple-negative breast cancer and a pipeline for multiple solid tumor indications.
In 2024, Gilead acquired CymaBay Therapeutics to obtain seladelpar (Livdelzi), an investigational oral PPAR-delta agonist for primary biliary cholangitis (PBC), expanding Gilead's liver disease portfolio beyond viral hepatitis into rare liver autoimmune conditions.
Acquiring Triangle Pharmaceuticals for $464 million gave Gilead emtricitabine (FTC). Combining FTC with Gilead's tenofovir (TDF) enabled the creation of Truvada, the foundational dual-NRTI backbone that powered blockbuster combination therapies like Atripla, Complera, and Stribild.
Gilead acquired Forty Seven Inc. to gain magrolimab, an investigational anti-CD47 monoclonal antibody designed to block the 'don't eat me' signal on cancer cells, expanding immuno-oncology clinical research in myelodysplastic syndromes (MDS) and acute myeloid leukemia (AML).
Gilead forms strategic partnerships, such as its multi-billion-dollar 10-year alliance with Arcus Biosciences, securing equity stakes and exclusive opt-in rights to co-develop novel immuno-oncology antibodies (anti-TIGIT, anti-PD-1) while sharing clinical trial costs.
In 2011, Gilead executed the absolute greatest acquisition in biotech history: buying Pharmasset for $11.2 billion. Wall Street thought they overpaid massively, but Pharmasset's assets became Sovaldi/Harvoni, generating over $50 billion in profit. Recently, they spent massive billions buying Kite Pharma ($11.9B) and Immunomedics ($21B) for cancer treatments.
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