New York, Feb 23, 2026, 12:21 EST — Regular session
- Arcellx shares surged after Gilead unveiled a cash buyout with an added contingent payout
- The move bucked a weak broader market session driven by fresh tariff uncertainty
- Investors are now tracking deal mechanics and the FDA review clock for the partnered myeloma therapy
Arcellx shares were up $49.73, or about 77.6%, at $113.84 in midday New York trade on Monday after Gilead Sciences moved to buy the cancer therapy developer. Gilead slipped 0.6% to $150.42.
The deal landed in a sour tape. U.S. stocks fell after President Donald Trump imposed a new 15% global tariff, stoking fresh trade-policy uncertainty and pushing investors toward safer assets. (Reuters)
That contrast matters right now. Takeovers can still drag single names sharply higher even when macro headlines are doing the heavy lifting across the indexes.
Gilead said it will pay $115 per share in cash and add a non-transferable contingent value right worth up to $5, tied to anito-cel sales, and expects to close the deal in the second quarter of 2026. Chief executive Daniel O’Day said it would “move with speed” to make the most of anito-cel’s potential, while Arcellx CEO Rami Elghandour called Gilead a “world-class partner.” (Gilead)
Anito-cel is a CAR-T therapy, a treatment made from a patient’s own immune cells that are engineered to attack cancer. The target here is multiple myeloma, a blood cancer where relapses are common and options narrow with each round of treatment.
The contingent value right, or CVR, is the wrinkle. It pays only if the drug clears a future sales hurdle, which can take years and can be overtaken by shifts in pricing, competition or adoption.
But traders are not treating this like a done deal. Regulatory reviews can drag, manufacturing can pinch supply in cell therapy, and the CVR may never pay if the launch stalls or rivals tighten the market.
RBC Capital Markets analyst Brian Abrahams said anito-cel could show a “better safety profile” than market-leading myeloma CAR-T Carvykti, sold by Johnson & Johnson and Legend Biotech, which generated about $1.9 billion in 2025 sales. BMO Capital Markets analyst Evan Seigerman noted the takeover would also remove up to $1.5 billion in potential milestone payments for Gilead, which is paying a 79% premium to Arcellx’s last close. Investors are now focused on the FDA’s Dec. 23, 2026 deadline on anito-cel. (Reuters)
