Over the weekend, Immunomedics (NASDAQ: IMMU) presented previously undisclosed clinical trial results for Trodelvy, a recently approved cancer drug. Gilead Sciences (NASDAQ: GILD) turned a lot of heads when it offered a 108% premium in its buyout bid for Immunomedics earlier this month, but it looks like that pricey gamble is going to work out just fine.
Trodelvy earned an accelerated approval from the FDA in April because it shrank tumors for a high percentage of patients with triple-negative breast cancer (TNBC), a particularly aggressive form of the disease that doesn't respond well to any of the targeted therapies oncologists previously had in their arsenal.
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For further details see:
Immunomedics Provides Blockbuster Breast Cancer Survival Data