Gilead Sciences (Nasdaq: GILD) and Immunomedics (Nasdaq: IMMU), a listed portfolio company of HBM Healthcare Investments, announced yesterday that the companies have entered into a definitive agreement pursuant to which Gilead will acquire Immunomedics for USD 88.00 per share in cash. The transaction, which values Immunomedics at approximately USD 21 billion, was unanimously approved by both the Gilead and Immunomedics Boards of Directors and is anticipated to close during the fourth quarter of 2020.

HBM Healthcare Investments holds 738’813 shares of Immunomedics worth USD 31.2 million, based on last Fridays’ closing share price of USD 42.25. The USD 88.00 per share acquisition price represents a 108 percent premium to Immunomedics’ closing price on 11 September 2020.

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For further information, please contact Dr Andreas Wicki on +41 41 710 75 77, or at andreas.wicki@hbmhealthcare.com.