Gilead Sciences Signs $2 Billion Partnership with Arcus Biosciences

Gilead Sciences (NASDAQ: GILD) and Arcus Biosciences (NYSE: RCUS) have signed a 10-year agreement to co-develop and co-commercialize the next-generation cancer therapeutics in Arcus' pipeline. The agreement also gives Gilead an equity position in the small-cap, clinical-stage biotech company. Shares of Gilead inched up 0.7% Wednesday on the news, but investors apparently thought Arcus didn't drive a hard enough bargain -- its stock fell 13% to $29.