By Blanche Delaunay, Huseyn Badalbayli, Kristiyan Nedelchev, Martin Tropchev, and Robin van der Werf (Rotterdam School of Management); Gilles Michaud and Marc Bellon (HEC Paris) Photo: Louis Reed (Unsplash) Overview of the deal Acquirer: Gilead Sciences, Inc. (Nasdaq: GILD) Target: Arcellx, Inc. (Nasdaq: ACLX) Implied Equity Value: $7.8 billion ($115 per share in cash + $5 CVR per share) Total Transaction Size: $7.8 billion Closed Date: April 28, 2026 Target Advisor: Centerv