Gilead Sciences Inc. (NASDAQ: GILD) completed its acquisition of Arcellx Inc. (NASDAQ: ACLX) for $115 per share in cash plus a $5 contingent value right, representing a total equity value of approximately $7.8 billion.

The transaction gives Gilead full control of anitocabtagene autoleucel (anito-cel), an investigational BCMA-directed CAR T-cell therapy for multiple myeloma. Gilead completed a tender offer for approximately 77.2% of Arcellx's outstanding shares on April 28, 2026, followed by a merger that made Arcellx a wholly owned subsidiary.

The contingent value right becomes payable if anito-cel achieves cumulative global net sales of at least $6.0 billion from launch through the end of 2029. Arcellx's common stock will be delisted from the Nasdaq Global Select Market.

Gilead expects the transaction to reduce its GAAP and non-GAAP 2026 diluted earnings per share by approximately $5.57 to $5.67. The company projects the deal will be modestly dilutive to earnings per share in 2026 and 2027, then accretive in 2028 and thereafter, subject to FDA approval of anito-cel.

Anito-cel uses a novel D-Domain binder technology and has received Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy designations from the FDA. The acquisition eliminates future profit-sharing, milestone and royalty obligations between the companies, which had previously collaborated on the therapy's development.

"With this acquisition, anito-cel and the differentiated D-Domain BCMA binder will advance within Kite, combining this science with our global manufacturing, regulatory and commercial capabilities," said Cindy Perettie, Executive Vice President and Global Head of Kite, Gilead's oncology subsidiary.