Gilead Buys Forty Seven
Gilead buys Forty Seven.
Gilead Sciences buys Forty Seven for $4.9 billion.
Forty Seven is a clinical-stage immuno-oncology firm developing therapies targeting cancer immune evasion pathways and specific cell targeting approaches based on tech licensed from Stanford. Forty Seven’s lead program, magrolimab, is a monoclonal antibody against the CD47 receptor, a ‘don’t eat me’ signal that cancer cells commandeer to avoid being ingested by macrophages. Evaluated antibodies are in many clinical studies of patients with myelodysplastic syndrome, acute myeloid leukemia, non-Hodgkin lymphoma, and solid tumors. These assets complement the cell therapy franchise Gilead added with its 2017 buy of Kite Pharma.
Beyond magrolimab, Forty Seven is fixing to advance two more compounds into clinical testing. Developing FSI-174, an anti-cKIT antibody, in combination with magrolimab creates a novel, all-antibody conditioning regimen to address the limitations of current stem cell transplantation conditioning regimens. Developing FSI-189, an anti-SIRPα antibody creates a cancer treatment, as well as certain non-oncology settings, including transplantation conditioning.
Daniel O’Day of Gilead Sciences said: ‘This agreement builds on Gilead’s presence in immuno-oncology and adds significant potential to our clinical pipeline. Magrolimab complements our existing work in hematology, adding a non-cell therapy program that complements Kite’s pipeline of cell therapies for hematological cancers. With a profile that lends itself to combination therapies, magrolimab could potentially have transformative benefits for a range of tumor types. We are looking forward to working with the highly experienced team at Forty Seven to help patients with some of the most challenging forms of cancer. This is in the sweet spot of what you need for successful oncology. We aren't afraid to invest as we see signals in the data to move fast and be first with combinations with this molecule.’
Mark McCamish of Forty Seven said: ‘This is an exciting day for patients who may one day enjoy future anti-CD47 therapies and other immuno-oncology treatments based on our research and exciting time for Forty Seven as this allows us to meet our vision of helping patients defeat their cancer. We are happy to join Gilead and believe that by combining our scientific ability with Gilead’s strength in developing treatments that change the immune system, we will be able to advance our therapies.’
Citi and JP Morgan served as financial advisors to Gilead. Skadden, Arps, Slate, Meagher & Flom served as legal advisor.
Centerview Partners served as financial advisor to Forty Seven. Cooley served as legal advisor.
Gilead Sciences buys Forty Seven for $4.9 billion.
Forty Seven is a clinical-stage immuno-oncology firm developing therapies targeting cancer immune evasion pathways and specific cell targeting approaches based on tech licensed from Stanford. Forty Seven’s lead program, magrolimab, is a monoclonal antibody against the CD47 receptor, a ‘don’t eat me’ signal that cancer cells commandeer to avoid being ingested by macrophages. Evaluated antibodies are in many clinical studies of patients with myelodysplastic syndrome, acute myeloid leukemia, non-Hodgkin lymphoma, and solid tumors. These assets complement the cell therapy franchise Gilead added with its 2017 buy of Kite Pharma.
Beyond magrolimab, Forty Seven is fixing to advance two more compounds into clinical testing. Developing FSI-174, an anti-cKIT antibody, in combination with magrolimab creates a novel, all-antibody conditioning regimen to address the limitations of current stem cell transplantation conditioning regimens. Developing FSI-189, an anti-SIRPα antibody creates a cancer treatment, as well as certain non-oncology settings, including transplantation conditioning.
Daniel O’Day of Gilead Sciences said: ‘This agreement builds on Gilead’s presence in immuno-oncology and adds significant potential to our clinical pipeline. Magrolimab complements our existing work in hematology, adding a non-cell therapy program that complements Kite’s pipeline of cell therapies for hematological cancers. With a profile that lends itself to combination therapies, magrolimab could potentially have transformative benefits for a range of tumor types. We are looking forward to working with the highly experienced team at Forty Seven to help patients with some of the most challenging forms of cancer. This is in the sweet spot of what you need for successful oncology. We aren't afraid to invest as we see signals in the data to move fast and be first with combinations with this molecule.’
Mark McCamish of Forty Seven said: ‘This is an exciting day for patients who may one day enjoy future anti-CD47 therapies and other immuno-oncology treatments based on our research and exciting time for Forty Seven as this allows us to meet our vision of helping patients defeat their cancer. We are happy to join Gilead and believe that by combining our scientific ability with Gilead’s strength in developing treatments that change the immune system, we will be able to advance our therapies.’
Citi and JP Morgan served as financial advisors to Gilead. Skadden, Arps, Slate, Meagher & Flom served as legal advisor.
Centerview Partners served as financial advisor to Forty Seven. Cooley served as legal advisor.
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