Gilead Sciences buys Arcellx for $7.8B, doubling down on CAR-T oncology strategy

Gilead Sciences has agreed to acquire cancer therapy developer Arcellx Inc. in a transaction valued at up to $7.8 billion, deepening its footprint in cell therapy for blood cancers, according to a Reuters overview of the deal and corroborated by market filings.

Under the terms of the agreement, Gilead will pay $115 per share in cash, representing a premium of roughly 79 % over Arcellx’s prior closing price, plus a contingent value right of $5 per share, tied to future sales performance of the lead therapy, anitocabtagene autoleucel (anito-cel).

Anito-cel is a CAR-T cell therapy candidate focused on treating multiple myeloma — a high-unmet-need oncology segment — and has delivered promising clinical responses in recent trials, contributing to the strategic rationale behind the deal.

Big Pharma paying up rather than relying solely on internal R&D

This acquisition reflects a broader trend of Big Pharma paying up for differentiated cell therapy platforms rather than relying solely on internal R&D to drive next-generation oncology growth. By fully owning anito-cel, Gilead gains control over a potentially multi-billion-dollar product — set for FDA review later this year with anticipated earnings contributions as early as 2028.

However, not all market watchers are unreservedly positive. After the deal announcement, several analysts adjusted ratings on Arcellx stock, reflecting the premium paid and execution risks inherent in cell therapy programmes that are still awaiting regulatory confirmation.

For investors, this deal illuminates how large biopharma companies are increasingly using M&A to fill oncology pipeline gaps and diversify risk — a structural shift that may signal continued consolidation in high-value therapeutic classes.