By Colin Kellaher

Shares of Arcellx jumped more than 10% in premarket trading Wednesday after the clinical-stage biotechnology company inked an extension of its collaboration with Gilead Sciences that includes a $200 million equity investment at a rich premium.

Gilead, which late last year invested $100 million for a nearly 7.2% stake in Arcellx, is buying an additional 3.24 million share at $61.68 each, 30% above Tuesday's closing price of $47.47 and nearly triple Arcellx's closing price of $21.68 on Dec. 8, 2022, the day before the companies unveiled their collaboration.

The new investment will raise Gilead's stake in Arcellx to around 13%, making it the Gaithersburg, Md., company's largest shareholder, according to FactSet data.

Arcellx shares were recently up 12% to $53.26 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 15, 2023 08:15 ET (13:15 GMT)

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