Gilead Sciences is buying autoimmune disease biotech Ouro Medicines for nearly $2.2bn as the drugmaker kick-starts a dealmaking spree emboldened by its near-record share price.
The California-based company will pay privately held Ouro’s investors just less than $1.7bn in cash when the deal closes and a further $500mn once certain clinical trial milestones are hit, Gilead said on Monday after the FT reported a deal was imminent.
The transaction is Gilead’s second biotech acquisition in the past month following its $7.8bn takeover of Arcellx, with which it had an existing partnership to develop a novel cell therapy for patients with the blood cancer multiple myeloma.
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