Gilead Acquires Arcellx to Take Full Control of BCMA CAR-T Candidate for Multiple Myeloma

Feb. 23, 2026 — Gilead Sciences has agreed to acquire Arcellx in a transaction valued at up to $7.8 billion, consolidating ownership of anitocabtagene autoleucel (anito-cel), the companies’ BCMA-directed CAR-T therapy for multiple myeloma that is currently under FDA review. Gilead said it will pay $115 per share in cash plus a $5 contingent value right (CVR) tied to anito-cel sales milestones.

The acquisition builds on a collaboration launched in 2022, under which Gilead (through Kite) and Arcellx co-developed and co-commercialized anito-cel; Gilead also previously took an equity stake in Arcellx. Gilead’s announcement says the deal is intended to maximize the long-term potential of anito-cel and strengthen its oncology/cell therapy portfolio.

Under the announced terms, the $115/share cash component represents a substantial premium, and Arcellx shareholders could receive the additional $5/share CVR if cumulative global net sales of anito-cel reach $6 billion by the end of 2029. Reuters and Gilead both reported the milestone-linked structure.

The strategic focus is anito-cel’s potential in relapsed/refractory multiple myeloma, where it may compete with existing BCMA CAR-T therapies. Reuters reported that the FDA is reviewing anito-cel with an action date in December 2026, and noted analyst expectations that the therapy could become a major product if approved and successfully launched.

For Gilead, the move also reinforces its long-term bet on cell therapy via Kite, following its earlier Kite acquisition and a period of pressure on cell therapy sales performance. Multiple outlets described the Arcellx buyout as a major step to strengthen Gilead’s position in next-generation CAR-T.