The agreement secures sacituzumab govitecan-hziy (Trodelvy), a first-in-class Trop-2 directed antibody-drug conjugate that was granted accelerated review by the U.S. Food and Drug Administration in April for the treatment of metastatic triple-negative breast cancer. Immunomedics plans to submit a supplemental biologics license application to support full approval of the drug in the U.S. by the end of 2020. Immunomedics is also on track to file for regulatory approval in Europe in the first half of 2021. Trodelvy will accelerate Gilead's solid tumor pipeline.

Under the agreement Gilead will promptly commence a tender offer to acquire all of the outstanding shares of Immunomedics' common stock. Following completion of the tender offer, Gilead will acquire all remaining shares not part of the tender offer through a second step merger at the same price. The tender offer will be funded through approximately $15 billion in cash on hand, and approximately $6 billion in newly issued debt.