Biopharmdive on $GILD, $ACLX: Gilead Buys Into Multiple Myeloma Cell Therapy With Arcellx Deal

Gilead buys into multiple myeloma cell therapy with Arcellx deal

On Friday, alongside its deal with Kite, Arcellx disclosed new data from an early-stage study testing its medicine in patients with relapsed or refractory multiple myeloma. Arcellx said 38 participants were able to be evaluated for safety and efficacy as of Oct. 31. All responded to its treatment. Four patients achieved a partial response, while another seven had a “very good” partial response. The remaining 27 had a complete or “stringent complete” response.

Arcellx noted how these patients came into the study with “poor prognostic factors.” All 38 of them had previously tried at least three therapies, and 26 had their disease progress after five prior treatments.

Rami Elghandour, Arcellx’s CEO, said in a statement that these latest results further support his company’s decision to initiate a mid-stage trial, which recently dosed its first patients. That trial is expected to produce initial results in mid-2024.

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$GILD daily, weekly, and monthly charts

From 27 OCT 22, day of $GILD last earnings report::

Gilead profit tops expectations despite lower COVID drug sales, outlook raised

(Reuters) - Gilead Sciences Inc on Thursday posted a higher-than-expected third-quarter profit on the back of strong demand for its HIV and cancer drugs, which helped offset lower sales of its COVID-19 antiviral drug and acquisition expenses.

The U.S. biotech company also increased its forecast for full-year revenue and earnings, sending its shares up 4% to $73 in after-hours trade.

Quarterly revenue fell 5% to $7 billion, but was still ahead of the average Wall Street estimate of $6.12 billion, according to Refinitiv data.

Sales of COVID treatment remdesivir, sold under the brand name Veklury, fell 52% from a year earlier to $925 million. But that was still well ahead of analysts’ estimates of $328 million.

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https://www.investors.com/news/technology/ipo-stock-arcellx-breaks-out-on-cancer-deal-with-gilead/?src=A00220

Recent initial public offering Arcellx (ACLX) forged a $325 million multiple myeloma deal with Gilead Sciences (GILD) on Friday, and the IPO stock broke out.

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