Gilead Sciences-backed Immunomedics, a biotechnology company, agreed to acquire Everest Medicines, a biotechnology company, for $455m. "After the completion of this transaction, Everest's resources will be more streamlined to invest into the ongoing development of our remaining pipeline of clinical-stage drug candidates with first-in-class or best-in-class potential. We will have a stronger balance sheet to advance our internal drug discovery efforts and execute synergistic strategic transactions," Ian Woo, Everest Medicines President and CFO.