RTTNews | Sep 14, 2020 09:59AM EDT

09:58 Monday, September 14, 2020 (RTTNews.com) - Shares of clinical-stage biopharmaceutical company Immunomedics, Inc. (IMMU) are surging more than 100% Monday morning on news of Gilead Sciences' agreement to buy Immunomedics for $88.00 per share, cash.

The stock touched a new high of $86.91 this morning.

The transaction, which values Immunomedics at approximately $21 billion, is expected to close during the fourth quarter of 2020.

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