Completion of 10 Trillion Won CAR-T Investment: Gilead Targets Multiple Myeloma

Gilead Sciences, Inc. (NASDAQ: GILD) completed its acquisition of Arcellx on April 28 to secure worldwide rights to its BCMA-targeted CAR-T therapy, anito-cel, for multiple myeloma. The total deal consideration is approximately $7.8 billion—comprised of $115 per share in cash plus a $5 per-share contingent payment right—equating to roughly KRW 10 trillion.

The contingent payment will be made only if anito-cel’s cumulative global net sales exceed $6 billion (about KRW 8 trillion) by the end of 2029. Gilead is accounting for the transaction as an asset purchase and expects it to reduce 2026 diluted EPS by approximately $5.57–$5.67, cause slight dilution in 2026–2027, and begin contributing to earnings from 2028 onward, assuming U.S. approval of anito-cel.

Under pre-established 10b5-1 trading plans, CFO Andrew Dickinson sold several thousand shares on April 15 and CEO Daniel O’Day sold 10,000 shares on April 28. O’Day retains about 630,000 shares—worth roughly KRW 110 billion at recent market prices.

Gilead has announced a string of major oncology deals to strengthen its pipeline, most recently pursuing the acquisition of German antibody-drug conjugate developer Tubulis for up to $5 billion (around KRW 7 trillion).

Headquartered in California, Gilead Sciences grew on the strength of its antiviral portfolio—most notably HIV and hepatitis B and C therapies—and has more recently expanded into oncology, focusing on blood-cancer CAR-T treatments and ADCs through its subsidiary Kite.

With intense competition between multinational pharma companies and biotech firms in the multiple myeloma and broader blood-cancer CAR-T market, anito-cel’s clinical and commercial progress is being watched as a key barometer of Gilead’s mid- to long-term oncology strategy.