New York, February 24, 2026, 11:07 EST — Regular session
- Arcellx traded just below $114, sticking close to Gilead’s $115-a-share cash bid.
- The agreement features a $5 contingent value right, which depends on future anito-cel sales.
- Attention now turns to the tender offer process, as well as the FDA’s Dec. 23, 2026 decision on anito-cel.
Arcellx (ACLX) edged up 0.1% to $113.86 in late-morning trading Tuesday, still trading a touch below the cash offer from Gilead Sciences. (MarketScreener)
So Arcellx is behaving more like a merger arbitrage bet than a typical biotech momentum play. The spread to $115 per share in cash is now the headline measure of closing risk. As for the upside, that’s tied to a contingent value right—a payment dependent on hitting a future milestone. According to a filing, the tender offer still hasn’t launched.
Gilead has agreed to acquire Arcellx for $115 a share in cash and an additional contingent value right worth as much as $5 per share, putting the deal’s total value near $7.8 billion. Gilead CEO Daniel O’Day pointed to “our conviction in the potential of anito-cel and our intention to move with speed.” Arcellx chief Rami Elghandour described Gilead as “a world-class partner.” (Gilead)
This week’s deal arrived as Arcellx faced regulatory scrutiny. Reuters noted the bid valued Arcellx at about 79% above its last closing price before news broke, sparking a surge—shares jumped close to 78% Monday. What started as a 2022 cell-therapy collaboration with the company has now shifted to a full acquisition. (Reuters)
Anito-cel sits at the heart of the story: a CAR-T therapy that modifies a patient’s immune cells to target multiple myeloma, a type of blood cancer. The immediate focus for investors is the FDA’s decision deadline—and whether Gilead can break through to broader patient groups, not just those already heavily treated.
RBC Capital Markets’ Brian Abrahams flagged that anito-cel may show a “better safety profile” compared to Carvykti, the Johnson & Johnson and Legend Biotech drug. Carvykti hit the market in 2022 and, according to Reuters, booked roughly $1.9 billion in sales for 2025. (Reuters)
BMO Capital Markets’ Evan Seigerman noted the deal wipes out as much as $1.5 billion in possible milestone payouts for Gilead. According to both firms, they expect the purchase to start adding to Gilead’s earnings per share in 2028, assuming the product wins approval. (Reuters)
On Tuesday, Arcellx stuck close to the offer, each uptick tangled in timing and paperwork. Anything above $115 signals buyers see real value in the CVR—or maybe they’re eyeing a competing bid.
Sell-side analysts are pulling back. UBS, Stifel, and Leerink Partners all dropped Arcellx to more neutral ratings, tweaking price targets to $115—some higher, some lower—according to reports circulated by MT Newswires. (MarketScreener)
Even so, the finer points carry plenty of risk. Regulatory approvals are still on the table, and shareholders have to step up in the tender offer. That extra $5 payout? It’s tied to commercial results, which could easily take a hit if rivals push harder or the rollout drags.
Now, attention shifts to the start of the tender offer and fresh filings with the board’s stance. The FDA’s Dec. 23, 2026 deadline for anito-cel also hangs over the market. (investopedia.com)
