Gilead has revealed plans to acquire Forty Seven, in order to strengthen its immuno-oncology research and development portfolio.

The agreement is valued at approximately $4.9 billion, having been unanimously approved by both the Gilead and Forty Seven boards of directors.

The American biotech company has confirmed that the deal is anticipated to close during the second quarter of 2020, subject to regulatory approvals and other customary closing conditions.

The deal means that Gilead will gain Forty Seven’s investigational lead product candidate, magrolimab - a monoclonal antibody in clinical development for the treatment of several cancers for which new, transformative medicines are urgently needed.

Its potential indications include myelodysplastic syndrome (MDS), acute myeloid leukemia (AML) and diffuse large B-cell lymphoma (DLBCL).

It works by targeting CD47, which allows cancer cells to avoid destruction thereby permitting the patient’s own innate immune system to engulf and eradicate those cancer cells.

The acquisition “builds on Gilead’s presence in immuno-oncology and adds significant potential to our clinical pipeline,” said Daniel O’Day, chairman and chief executive officer of Gilead Sciences.

He continued to say, “Magrolimab complements our existing work in hematology, adding a non-cell therapy program that complements Kite’s pipeline of cell therapies for hematological cancers.

“With a profile that lends itself to combination therapies, magrolimab could potentially have transformative benefits for a range of tumor types. We are looking forward to working with the highly experienced team at Forty Seven to help patients with some of the most challenging forms of cancer.”

Gilead is no stranger to inking huge deals, having bought Kite Pharma in 2017 for $11.9 billion in order to access the latter’s experimental CAR-T therapy axicabtagene ciloleucel and wider cancer pipeline.