By Colin Kellaher

Shares of Forty Seven Inc. rose more than 60% in early trading Monday after the immuno-oncology company agreed to be acquired by Gilead Sciences Inc. for about $4.9 billion.

Gilead will pay $95.50 a share in cash for Forty Seven, a nearly 65% premium to Friday's closing price of $58 and a 96% increase from Thursday's closing price of $48.79--before Bloomberg reported that Gilead was circling Forty-Seven.

Forty Seven shares were recently trading at $93.74, up 61.6%.

Shares of Gilead, which gains a boost to its immuno-oncology portfolio with the addition of Forty Seven's lead candidate magrolimab, gained 2.9% to $71.40.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 02, 2020 10:37 ET (15:37 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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