Arcus Jumps on Bloomberg News
Shares of Arcus Biosciences Inc. RCUS, +5.93% soared 87% in trading on Thursday after people familiar with the matter told Bloomberg News that Gilead Sciences Inc. GILD, +10.21% was in talks to buy a stake in the company.
On the stock market today, Arcus stock soared 89.4%, to 29.50, in massive volume. Meanwhile, Gilead stock edged up 2.6%, to 76.54.
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Arcus has several experimental cancer drugs in Phase 1 and 2 clinical trials. Gilead’s most recent deal was also an oncology-focused, preclinical company; in early March, it said it would pay $4.9 billion to acquire Forty Seven Inc. FTSV, to build out its oncology portfolio. Arcus’s stock is up 191.7% year-to-date; the S&P 500 SPX, 1.96% is down 13.8%.
News Originated From : Market Watch
