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© Reuters. FILE PHOTO: Gilead Sciences Inc pharmaceutical company is seen during the outbreak of the coronavirus disease (COVID-19), in California

Gilead to buy Immunomedics in a $21 billion deal

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(Reuters) - Gilead Sciences Inc (O:GILD) will acquire biopharmaceutical company Immunomedics Inc (O:IMMU) for $21 billion in a deal that would further expand Gilead's portfolio of cancer treatments, the companies said on Sunday in a statement.

Gilead will buy Immunomedics for $88 per share in cash, according to the statement.

The transaction is expected to close in Q4 of 2020, the companies said.