Gilead has consented to purchase Arcellx in an arrangement estimated at $7.8 billion as the company aims to incorporate a CAR-T cell treatment for blood cancers, anticipated for approval, into its offerings.
Based on the agreement’s conditions, Gilead will provide $115 per share, in addition to allocating a contingent value right of $5 per share. The transaction is projected to conclude in the second quarter of 2026. The purchase ensues a period of cooperation between the two entities. In 2022, Gilead, through its Kite division, started a research and development collaboration with Arcellx to further anitocabtagene autoleucel (anito-cel), an experimental CAR-T treatment aimed at BCMA, for individuals with multiple myeloma. As part of the agreement, Gilead made an investment in the biotech firm and, subsequent to additional investments in 2023, presently possesses 11.5% of Arcellx.
Anito-cel, which is delivered ex vivo, is presently being examined by the U.S. Food and Drug Administration (FDA), with a projected PDUFA decision date set for December 23, 2026. Upon approval, the medication would become accessible as a fourth-line option for individuals with relapsed or refractory multiple myeloma. An additional CVR payment ($5) would be issued if worldwide sales of anito-cel reach $6 billion by the close of 2029. William Blair mentioned in a research report: “We also anticipate that total worldwide sales of anito-cel will achieve $7.8 billion by the close of 2029, so we consider the CVR payment to be probable.”
Gilead CEO Daniel O'Day stated: “This agreement demonstrates our assurance in the potential of anito-cel and our dedication to move swiftly to realize this potential for individuals with multiple myeloma.
“Beyond a prospective launch this year, anito-cel could evolve into a primary treatment for multiple myeloma over time, including earlier lines of treatment. Furthermore, the BCMA-binding domain D in anito-cel could be significant for our efforts in in vivo cell therapy, additionally improving our potential in oncology and inflammatory diseases,” O'Day added.
CAR-T is a form of customized immunotherapy where an individual’s own T cells are modified to identify and eradicate cancer cells. While all authorized CAR-T products are ex vivo treatments, there is growing enthusiasm in in vivo cell therapies among pharmaceutical companies, and certain investors view them as the future of cell and gene therapy (CGT). This strategy has been prominent in CAR-T M&A transactions over the recent year.
The most recent significant transaction was Eli Lilly’s acquisition of Orna Therapeutics, including its circular RNA (circRNA) and lipid nanoparticle technologies, for $2.4 billion in February 2026. Previously, Bristol Myers Squibb (BMS) allocated $1.5 billion to acquire Orbital Therapeutics, in addition to its in vivo RNA-based CAR-T drugs, in October 2025. In July 2025, AbbVie also made a stake in the in vivo route with the acquisition of Capstan Therapeutics for $2.1 billion, a high-risk with potential for high-reward deal. In contrast to numerous oncology-focused companies, Capstan is creating in vivo treatments to address B-cell-mediated autoimmune conditions.
As per a recent report by GlobalData, the investment environment for cell and gene therapies (CGT) is shifting noticeably, with investors demonstrating greater selectivity. Presently, approximately 50% of venture capital activity in CGT is directed toward the Series B stage, when companies progress to clinical development. The article “Gilead to acquire CAR-T specialist Arcellx for $7.8 billion” was initially released by Pharmaceutical Technology, a publication belonging to GlobalData.
Source: FT