Gilead Reaches Deal to Buy Immunomedics for $21 Billion

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Gilead Sciences Inc. will pay $21 billion to buy biotech Immunomedics Inc. and its prized breast-cancer drug, the company said Sunday, a sign of the value of the cancer-drugs business.

Immunomedics has a market value of roughly $10 billion following a recent surge in its stock, meaning that Gilead is paying up to secure ownership of the company.

Gilead…



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