Biotech Fund Sells Entire Arcellx Stake for $63.63M Amid Gilead Takeover Deal

Cormorant Asset Management sold its entire stake in Arcellx for $63.63 million, fully liquidating its position. The fund's quarter-end value of Arcellx declined by $63.63 million as a result of the exit. Arcellx shares are up 60% over the past year, driven by the company's development of next-generation CAR-T cell therapies for cancer treatment. The firm has a takeover agreement with Gilead Sciences, valuing Arcellx at about $7.8 billion and offering shareholders $115 per share in cash plus potential additional payments tied to future sales milestones.