New York, Feb 24, 2026, 05:15 (EST) — Premarket
- Arcellx stock sits just below Gilead’s $115-a-share cash bid, following a 77% surge on Monday.
- The agreement tacks on a $5 conditional payout, linked to anito-cel sales performance through 2029.
- Next up: the tender offer process, plus the FDA’s Dec. 23, 2026 decision on anito-cel still pending.
Arcellx Inc (ACLX.O) hovered near $113.75 ahead of the bell Tuesday, following a roughly 77% surge the previous session after Gilead Sciences said it would acquire the biotech. 1
The stock now hovers near the deal price—$115 per share in cash, with a potential $5 kicker down the road. Right now, the focus has shifted away from courtroom drama; instead, it’s all about the timing and terms of the buyout actually coming through.
Right now, it’s significant: major pharmaceutical companies are shelling out for late-stage oncology assets, grabbing smaller biotech partners, and doing so in a market where valuations have swung wildly. Gilead’s offer is right in line with that trend. 2
Gilead is set to acquire Arcellx, aiming for full ownership of anito-cel—a CAR-T therapy built by reprogramming a patient’s own immune cells to fight multiple myeloma. CEO Daniel O’Day said Gilead plans to “move with speed” on the project. The FDA has a decision deadline of Dec. 23, 2026. 3
According to the filing, Gilead intends to pursue the deal via a tender offer. The offer hasn’t begun yet, the company said. As for terms, shareholders would get $115 per share in cash, along with a contingent value right—CVR—linked to a future milestone, the document states.
Analysts aren’t just talking up the response rates with this drug—they’re zeroing in on safety and execution. RBC Capital Markets’ Brian Abrahams flagged anito-cel’s “better safety profile” compared to Johnson & Johnson and Legend Biotech’s Carvykti, which, according to Reuters, pulled in about $1.9 billion for 2025. BMO’s Evan Seigerman pointed out the deal slashes as much as $1.5 billion in possible milestone payouts. 4
Approved CAR-T therapies are already available for multiple myeloma, reserved for patients who’ve usually cycled through at least three treatments—so-called “fourth-line” cases. In this context, spotless safety results matter, and reliable, on-time manufacturing becomes critical.
Arcellx, a clinical-stage biotech, is focusing its main program on BCMA—a target frequently seen in multiple myeloma. The company is also pursuing early-stage projects that cover areas such as acute myeloid leukemia, its profile shows. 5
Yet shares are trading below $115. Deals fall through, regulatory reviews can drag, and the tender still requires enough holders to tender their shares. As for the $5 CVR, it’s no sure thing — that payout comes only if anito-cel racks up $6 billion in global net sales before the close of 2029.
Next up, eyes shift to the official kickoff of the tender offer and Arcellx’s upcoming recommendation filing. Traders are also looking for clues on whether a second-quarter closing is still in play. Further out, there’s the FDA’s December 23, 2026 action date for anito-cel. 6
