Gilead Sciences is buying Forty Seven for $95.50 per share, or a deal value of $4.9 billion. The deal was unanimously approved by both companies boards.

Gilead picks up Forty Sevens lead product candidate, magrolimab, a monoclonal antibody in the clinic for several cancers, including myelodysplastic syndrome (MDS), acute myeloid leukemia (AML) and diffuse large B-cell lymphoma (DLBCL). Magrolimab targets CD47. Forty Seven presented positive results from a Phase Ib trial of the drug in MDS and AML at the American Society of Hematology meeting in December 2019.

This agreement builds on Gileads presence in immuno-oncology and adds significant potential to our clinical pipeline, said Daniel ODay, Gileads chairman and chief executive officer. Magrolimab complements our existing work in hematology, adding a non-cell therapy program that complements Kites pipeline of cell therapies for hematological cancers. With a profile that lends itself to combination therapies, magrolimab could potentially have transformative benefits for a range of tumor types. We are looking forward to working with the highly experienced team at Forty Seven to help patients with some of the most challenging forms of cancer.

Forty Sevens Phase Ib trial was being in funded in part by the California Institute of Regenerative Medicine (CIRM). It evaluated magrolimab in combination with azacytidine (Vidaza) in untreated patients with higher risk MDS and untreated patients with AML, who were ineligible for induction chemotherapy.

As of the data cutoff of November 18, 2019, 62 patients had been treated in the Phase Ib part of the trial, including 35 with MDS and 27 with AML. In higher-risk MS, the overall response rate (ORR) was 92%, with 50% achieving a complete response (CR), 33% achieving a marrow CR and 8% achieving hematologic improvements. Also, 8% achieved stable disease.

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Gilead to Acquire Immuno-Oncology Company Forty Seven for $4.9 Billion - PharmaLive