DOW JONES21,186.09-731.07 -3.34%
S&P 5002,492.17-92.42 -3.58%
NASDAQ7,405.88-294.22 -3.82%

Gilead Eyes Takeover Of Cancer Biotech Forty Seven: Report

Shares of thinly-traded cancer biotech Forty Seven Inc (NASDAQ: FTSV) are advancing Friday on reports of a takeover interest.

Benzinga · 02/28/2020 14:16

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.

Related Links:

The Daily Biotech Pulse: Sangamo In Genome-Editing Therapy Deal With Biogen

Regeneron Snags Upgrade On Reduced Prospects For Rival Eye Disorder Drug