M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Gilead Sciences, Inc. to acquire Arcellx, Inc.
Announced Feb 23, 2026 · Closed Apr 28, 2026
Deal value$7.80BEV $7.72B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$115.00 per share
Transaction
- Acquirer
- Gilead Sciences, Inc. (GILD)
- Target
- Arcellx, Inc.
- Buyer type
- Strategic
- Offer price per share
- $115.00
- Enterprise value
- $7.72B
- Status
- Closed Apr 28, 2026
Deal protections
- Break fee (target pays)
- $260M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities, Morgan Stanley
- To the target
- Centerview
- Centerview fee
- $100M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- Sector median 59.5%
- EV / Adj. EBITDA
- Sector median 14.1x
- Break fee
- 3.3% vs. 3.4% sector median
Timeline
- AnnouncedFeb 23, 2026
- Tender offerMar 6, 2026
- ClosedApr 28, 2026
Valuation · fairness opinions
Trading comparables$77.15$118.45
Precedent transactions$77.45$132.80
Discounted cash flow$113.15$134.20
Analyst price targets$82.00$134.00
Premiums paid$86.55$109.00
Offer $115.00
Implied value per Arcellx, Inc. share by analysis, from Centerview · DCF discount rate 12%–14%.