New York, Feb 23, 2026, 10:44 a.m. EST — Regular session underway.
- Arcellx surged roughly 78% after Gilead struck a deal to acquire the company at $115 per share.
- The agreement features a $5 contingent payout linked to anito-cel sales, pushing Arcellx’s potential value as high as $7.8 billion.
- Traders shift their attention to when the deal might close, the probability it actually goes through, and how the FDA timeline plays into anito-cel’s fate.
Shares of Arcellx surged roughly 78% to $113.92 Monday morning, following news that Gilead Sciences will acquire the cancer therapy maker—pushing the stock close to the buyout price. The takeover puts Arcellx’s valuation as high as $7.8 billion, factoring in a contingent sales-related bonus. (Financial Times)
That changes the game for stock traders. Now, instead of speculating on upcoming clinical news, the market faces a cash offer, a timeline for closure, and a potential side payment that might never materialize.
The calendar is key here: Arcellx’s lead asset sits with U.S. regulators now, making the coming quarters all about deal risk. The broader drug debate? That gets deferred until the FDA rules.
Gilead has agreed to pay $115 per share in cash for Arcellx, plus a non-transferable contingent value right (CVR) that could add $5 more if anito-cel racks up $6.0 billion in global net sales from launch through 2029. CEO Daniel O’Day said Gilead plans to “move with speed.” Arcellx CEO Rami Elghandour described the company’s journey as one of “innovation, passion, resilience and teamwork.” Closing is expected in the second quarter of 2026, with the FDA’s action date for anito-cel set for Dec. 23, 2026. (Gilead)
Arcellx shares hovered just shy of the $115 cash offer—classic market behavior, with a bit shaved off for possible hiccups or waits. By mid-morning, trading volume had already passed 11 million shares.
Gilead slipped roughly 0.5% to $150.71. Shares of Johnson & Johnson, teamed up with Legend Biotech on a rival myeloma CAR-T therapy, added around 1.6%, and Legend surged close to 9.8%.
Wall Street analysts are sizing up anito-cel as a potential game-changer for Gilead, offering a path to fresh oncology revenue as older products lose steam and Veklury sales decline. JPMorgan’s Christopher Schott labeled anito-cel a “multi-billion dollar product.” RBC’s Brian Abrahams, for his part, sees room for a “better safety profile” when stacked against J&J/Legend’s Carvykti. (Reuters)
CAR-T therapies take a patient’s immune cells and reprogram them to attack cancer, offering a potent but manufacturing-intensive—and often taxing—option for patients. For multiple myeloma, the landscape keeps shifting as new products and data crowd the field.
The buyout price effectively limits further gains, prompting brokers to adjust their targets in line with the deal. Truist Securities downgraded Arcellx to Hold from Buy and slashed its price target to $120, a report on the note showed. (Investing.com)
But a “done deal” can unravel. The tender offer isn’t over the line yet: conditions remain, regulatory approval’s in play. And that CVR? It’s a wager on both regulatory go-ahead and actual sales traction in a crowded field—leaving plenty of room for stumbles if a launch slips or competitors keep their grip.
Investors now turn their attention to tender-offer filings, any fresh word on the timeline for closing, and whether shares will nail down to the $115 cash offer. Looming in the backdrop: the FDA action date for anito-cel, set for Dec. 23, 2026. (Business Wire)
