Gilead Sciences buys Arcellx for USD7.8B to strengthen its CAR-T cancer treatment portfolio

USA—Gilead Sciences  has moved to acquire Arcellx in a USD 7.8 billion deal, strengthening its position in the competitive cell therapy market.

The drugmaker will pay USD 115 per share for the biotech company, along with a contingent value right worth USD 5 per share, with the transaction set to close in the second quarter of 2026.

The acquisition centers on anitocabtagene autoleucel, known as anito-cel, an investigational CAR-T cell therapy targeting multiple myeloma.

This treatment represents a significant addition to Gilead’s oncology pipeline as it approaches a critical regulatory milestone.

Building on an existing partnership

The deal marks the culmination of a collaboration that began in 2022, when Gilead’s subsidiary Kite partnered with Arcellx to advance anito-cel, a BCMA-directed CAR-T cell therapy for multiple myeloma patients.

The drugmaker invested in Arcellx through this arrangement and increased its stake in 2023, now holding an 11.5% stake.

Anito-cel uses an ex vivo approach and is currently under review by the US Food and Drug Administration, with a decision expected on December 23, 2026.

If approved, the treatment will serve as a fourth-line option for patients with relapsed or refractory multiple myeloma.

Financial incentives tied to sales performance

The USD 5 contingent value right creates an additional financial incentive tied to performance.

Gilead will pay this amount if global anito-cel sales reach USD 6 billion by the end of 2029.

Analysts at William Blair project the therapy will achieve USD7.8 billion in cumulative global sales by that deadline, making the contingent payment highly likely.

Gilead CEO Daniel O’Day emphasized the company’s confidence in anito-cel’s potential, noting that the agreement reflects Gilead’s commitment to moving quickly to maximize the therapy’s benefits.

He added that anito-cel could become a foundational treatment for multiple myeloma, potentially serving patients earlier in their treatment journey.

Broader industry trends

CAR-T represents a form of personalized immunotherapy that treats blood cancers by reprogramming a patient’s immune cells to recognize and destroy cancer cells.

While approved CAR-T products use ex vivo manufacturing, pharmaceutical companies have shown growing interest in in vivo cell therapies, which some investors view as the sector’s future.

This interest has driven merger and acquisition activity over the past year.

Eli Lilly acquired Orna Therapeutics for USD 2.4 billion in February 2026.

Bristol Myers Squibb purchased Orbital Therapeutics for USD 1.5 billion in October 2025.

AbbVie acquired Capstan Therapeutics for USD 2.1 billion in July 2025, focusing on autoimmune diseases rather than cancer.

According to GlobalData, the cell and gene therapy investment landscape has become more selective, with 50% of venture capital activity now concentrated at the Series B stage.