Arcellx soars as Gilead agrees to up to $7.8 billion acquisition

Shares of cancer therapy developer Arcellx ACLX.O surge 77.5% to $113.78 premarket

Gilead Sciences GILD.O says it will buy ACLX for an implied equity value of $7.8 billion

The offer includes $115 per share in cash and one contingent value right of $5 per share

Shares of GILD were down 1.1% premarket

Up to last close, ACLX stock had fallen 1.7% YTD