Shares of thinly-traded cancer biotech Forty Seven Inc (NASDAQ: FTSV) are advancing Friday on reports of a takeover interest.
Gilead Sciences, Inc. (NASDAQ: GILD), which is contending with an aging AIDS franchise and a flailing NASH program, has made overtures to Forty Seven, according to a Bloomberg, citing people with knowledge of the information.
Gilead reportedly is considering several options, including forging a partnership. The Bloomberg report said Forty Seven had received takeover interest from other companies as well.
Forty Seven is an immuno-oncology company focused on developing therapies to activate macrophages to fight against cancer. The company's pipeline includes Magrolimab, an anti-CD47 antibody, which is being evaluated in partnership in mid-stage and preclinical studies as a combo therapy for several cancer types.
In pre-market trading, Forty Seven shares were jumping 22.98% to $60, while Gilead was slipping 2.7% to $70.65.