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Gilead Sciences’ $7.8B Gamble: Can Arcellx Supercharge Its Oncology Comeback?

Gilead Sciences has entered 2026 with renewed momentum, fresh off a strong earnings report and a catalyst-heavy pipeline outlook. The company recently announced an agreement to acquire Arcellx in a transaction valued at up to $7.8 billion, offering $115 per share in cash plus a $5 contingent value right tied to cumulative sales milestones for its lead asset, anitocabtagene autoleucel (anito-cel). The move comes at a pivotal time for Gilead, which has reiterated confidence in its diversified growth model, highlighted by accelerating HIV prevention revenue from Yeztugo, upcoming Trodelvy label expansions, and multiple late-stage readouts. With anito-cel positioned as a potential best-in-disease BCMA-directed CAR-T therapy for relapsed or refractory multiple myeloma, the acquisition could significantly deepen Gilead’s oncology footprint through its Kite subsidiary.