Gilead Sciences Inc. said Friday that it will co-develop and co-commercialize Arcellx Inc.’s multiple myeloma treatment candidate, which is currently in Phase 2 clinical trials. Gilead will pay Arcellx $225 million upfront, plus make a $100 million equity investment in the company. The deal, which will reduce Gilead’s GAAP and non-GAAP earnings per share next year by 16 cents, is expected to close in the first quarter. Gilead’s stock is up 37.0% over the past three months, while Arcellx shares have gained 11.9%. The S&P 500 is down 1.0%.
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