Gilead to Acquire Arcellx for Up to $7.8 Billion—Aiming for Dominance in the Multiple Myeloma Market with Next-Generation CAR-T 'anito-cel'

In February 2026, a major M&A deal was announced that captured the attention of the global biopharmaceutical and capital markets. Gilead Sciences (hereinafter, Gilead) has entered into a definitive agreement to acquire Arcellx, a clinical-stage biotechnology company developing next-generation CAR-T cell therapies for multiple myeloma (MM), for up to approximately $7.8 billion (approximately 1.17 trillion yen). The transaction is structured as a cash payment of $115 per share to Arcellx shareholders at closing, with an additional Contingent Value Right (CVR) of $5 per share payable upon the achievement of certain commercial milestones. Gilead already holds approximately 11.5% of Arcellx's outstanding shares and will acquire all remaining shares through a tender offer and a short-form merger.