Gilead Sciences Faces Market Backlash Amid CVS Exclusion
Gilead Sciences Inc, a leading biopharmaceutical company, has seen its stock price take a hit following CVS Health’s decision to exclude its new HIV medication, Yeztugo, from its formulary. The news sent shockwaves through the market, with Gilead Sciences’ shares plummeting by 1% on August 21. The decline was not isolated to the company, as the NASDAQ 100 index also experienced a downturn.
Despite the setback, Gilead Sciences has made a bold move to expand its pipeline in oncology by acquiring Interius BioTherapeutics for a staggering $350 million. This strategic acquisition will enable the company to advance its CAR T-cell cancer therapies, a promising area of research in the fight against cancer. By investing in this cutting-edge technology, Gilead Sciences is poised to further develop its cancer treatment capabilities and stay ahead of the competition.
The acquisition of Interius BioTherapeutics marks a significant milestone for Gilead Sciences, as it continues to diversify its portfolio and expand its reach in the oncology space. With this move, the company is demonstrating its commitment to innovation and its dedication to delivering life-changing treatments to patients in need.
Key Takeaways:
- Gilead Sciences’ stock price declined by 1% following CVS Health’s decision to exclude Yeztugo from its formulary
- The company has acquired Interius BioTherapeutics for $350 million to expand its pipeline in oncology
- The acquisition will enable Gilead Sciences to advance its CAR T-cell cancer therapies and further develop its cancer treatment capabilities