Arcus Biosciences Inc. RCUS, -1.92% disclosed Monday that Gilead Sciences Inc. GILD, +1.42% boosted its stake in the oncology-focused biopharmaceutical company, through the purchase of $220.35 million worth of stock. Arcus shares were still inactive in premarket trading. Under terms of the stake increase, Gilead bought 5.65 million Arcus shares at $39.00 each, which is 12.3% above Friday’s closing price of $34.73, and above the Jan. 22 record closing price of $38.41. The purchase increased Gilead’s holdings of Arcus to 19.5% of the shares outstanding from 13%. Arcus said it will use the proceeds from Gilead’s additional investment to accelerate clinical development plans. “Gilead’s additional investment in Arcus demonstrates the strength of our relationship, a recognition of the depth of our pipeline and our shared commitment to bringing innovative, transformative therapies to cancer patients as quickly as possible,” said Arcus Chief Executive Terry Rosen. Arcus stock has soared 59.3% over the past three months through Friday, while the iShares Biotechnology ETF IBB, +0.14% has climbed 23.0% and the S&P 500 SPX, -1.93% has gained 13.6%.
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