10 Trillion Won Big Deal Targeting Multiple Myeloma CAR-T

Gilead Sciences, Inc. (Nasdaq: GILD) has completed its acquisition of Arcellx, the developer of Anito-cel—a BCMA-targeted CAR-T candidate for multiple myeloma—on April 28, 2026, in a deal valued at approximately $7.8 billion (KRW 11 trillion). The purchase price consisted of $115 in cash per share plus $5 in contingent value rights, and Arcellx common stock will be delisted from Nasdaq following the closing.

Under the agreement, Gilead will assume full responsibility for the development, manufacturing, regulatory approval and commercialization of Anito-cel through its subsidiary Kite Pharma. In place of the previous revenue-share, milestone and royalty obligations, Gilead will pay the contingent value rights only if cumulative global sales of Anito-cel exceed $6 billion by the end of 2029.

Accounting for the acquisition as an asset purchase, Gilead expects diluted EPS to decline by roughly $5.50 per share (both GAAP and non-GAAP) in 2026, with a dilutive impact continuing through 2027. From 2028 onward, following FDA approval of Anito-cel, Gilead anticipates the therapy will begin contributing positively to earnings.

In April, CFO Andrew Dickinson and Chairman & CEO Daniel O’Day each sold a portion of their Gilead shares under pre-established Rule 10b5-1 trading plans. After the transactions, Dickinson and O’Day hold approximately 170,000 and 630,000 shares, respectively. O’Day’s remaining stake is valued at about $80 million (KRW 110 billion).

Separately, Gilead recently submitted a New Drug Application to the U.S. Food and Drug Administration for a once-daily oral HIV combination of bictegravir and lenacapavir, receiving a priority review designation with a target action date of August 27, 2026. Arcellx has also filed a Biologics License Application for Anito-cel as a fourth-line treatment for relapsed or refractory multiple myeloma, with a PDUFA date set for December 23, 2026.

Gilead, a leading U.S. biotech company on the antivirals and oncology fronts, continues to build its blood-cancer CAR-T portfolio through Kite. Amid growing markets for cell therapies and long-acting HIV treatments driven by aging populations and evolving cancer-care paradigms, this acquisition aligns with the industry’s ongoing pipeline competition and M&A activity.