Davis Polk is advising Gilead Sciences, Inc. in its acquisition of Immunomedics, Inc. for $88.00 per share in cash. The transaction, which values Immunomedics at approximately $21 billion, is anticipated to close during the fourth quarter of 2020.

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines in areas of unmet medical need. Gilead has operations in more than 35 countries worldwide, with headquarters in Foster City, California.

Immunomedics is a leader in next-generation antibody-drug conjugate (ADC) technology, committed to help transform the lives of people with hard-to-treat cancers. Trodelvy, the Immunomedics’ lead ADC, is the first ADC the FDA has approved for the treatment of people with metastatic triple-negative breast cancer and is also the first FDA-approved anti-Trop-2 ADC.

The Davis Polk corporate team includes partners Marc O. Williams and Cheryl Chan and associate Shanu Bajaj. Partner David R. Bauer and associate Tilak Koilvaram are providing intellectual property advice. Partner Kyoko Takahashi Lin and associate Nicholas D. DeLuca are providing executive compensation advice. The antitrust and competition team includes partner Ronan P. Harty. Partner Michael Mollerus is providing tax advice. Counsel Betty Moy Huber is providing environmental advice. All members of the Davis Polk team are based in the New York office.