Massive M&A Surrounding Multiple Myeloma Cell Therapy Finally Concludes

Following Gilead Sciences, Inc.’s public tender offer and subsequent Section 251(h) merger, all outstanding common shares of Arcellx, Inc. (Nasdaq: ACLX) have been transferred to a Gilead subsidiary. The surviving entity has converted into a private company retaining only 100 shares of common stock, and proceedings to delist from Nasdaq and deregister its securities are underway, eliminating any remaining minority interests or activist campaigns.

In a Form 8-K filed on April 28, Gilead confirmed the closing of the transaction, deploying approximately $7–8 billion in cash—around KRW 10 trillion—including $115 per share and $5 in contingent value rights. With this acquisition, Gilead gains full control of Anito-cel, the BCMA-targeted CAR-T therapy candidate for relapsed/refractory multiple myeloma, and will drive its development and commercialization exclusively.

Arcellx is a clinical-stage biotech company with a CAR-T and tunable cell-therapy platform for hard-to-treat cancers such as multiple myeloma, and has been collaborating on Anito-cel with Gilead’s subsidiary Kite. Global pharmaceutical companies are increasingly acquiring clinical-stage biotechs to bolster their high-priced cell-therapy and oncology portfolios, making M&A in the cell and gene-therapy space a key trend in the U.S. biotech market.