Benzinga | Sep 12, 2020 06:22PM EDT

Report: Gilead Sciences And Cancer Treatment Company Immunomedics In $20B Deal

Gilead Sciences Inc. (NASDAQ:GILD) is gearing up to purchase drug innovator Immunomedics Inc. (NASDAQ:IMMU) for a price tag exceeding $20 billion.

Per the Wall Street Journal, Immunomedics -- a biotech known for breast-cancer treatment Trodelvy -- was initially a partner of Gilead before takeover talks began.

Terms are expected to be announced Monday.

Immunomedics, whose valuation hovers $10 billion, is just the latest in a series of deals Gilead made in 2020.

In June, Foster City, California-based Gilead acquired a 49.9% stake in cancer drug developer Pionyr Immunotherapeutics for $275 million. Before that, it spent $4.9 billion for Forty Seven Inc., a company that makes blood cancer treatments.

Gilead closed Friday, Sept. 11 at $65.58 a share, while Immunomedics shares closed at $41.93.