The company paid twice Immunomedics’ last closing stock price to access Trodelvy, approved for triple-negative breast cancer with potential in other solid tumors as monotherapy and in combinations.

With 46 initial public offerings in the US by drug developers so far – including recent launches by Kymera, Inhibrx and Harmony – 2020 will easily beat last year’s 50 IPOs. In follow-on offerings and VC deals, newly public Schrodinger raised $346.5m and Tango’s $50m equity financing.

Gilead is making a $20m equity investment in Tango, with the biotech’s series B backers also increasing their investments.

While COVID-19 shocked global financial markets and is expected to impact biopharma fundraising, investment in drug developers continues, including through two new venture capital funds totaling nearly $2bn. Also, Coherus issues debt to fund deals and MOMA launches with $86m in VC cash.