Gilead Sciences buying Immunomedics in $21 billion deal

Shares of the cancer drug specialist Immunomedics have more than doubled before the opening bell, a day after its sale to Gilead Sciences for $21 billion was announced

NEW YORK -- Shares of the cancer drug specialist Immunomedics more than doubled before the market opened Monday, a day after its sale to Gilead Sciences for $21 billion was announced.

The deal is expected to close in the fourth quarter.

Shares of Immunomedics, based in New Jersey, jumped to $87.14 in premarket trading, while share of California's Gilead declined slightly.

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