Gilead agrees to buy Arcellx for $115 per share in cash plus CVR, about $7.8 billion

Gilead agreed to acquire the rest of Arcellx, the partner on anito-cel, a BCMA-directed CAR T-cell therapy for multiple myeloma. Arcellx holders get $115 in cash per share plus a $5 contingent value right tied to $6.0 billion of cumulative anito-cel sales through 2029. The same announcement said the FDA accepted the anito-cel BLA with a December 23, 2026 action date.

• $115 per share in cash plus one $5 CVR; implied equity value about $7.8 billion
• 68% premium to Arcellx's 30-day VWAP as of February 20, 2026
• Gilead already held about 11.5% of Arcellx shares
• CVR pays if cumulative global anito-cel net sales reach $6.0 billion from launch through 2029
• FDA accepted the anito-cel BLA; PDUFA action date December 23, 2026