Gilead Sciences, a cancer-drug maker, agreed Monday to pay about $11.9 billion to buy Kite Pharma, a move to expand its product lineup in cancer immunotherapies.
In the cash deal, expected to close in the fourth quarter, Gilead will pay Kite shareholders $180.00 per Kite share.
Kite develops drugs in cell therapy, which uses a patient’s own immune cells to fight cancer.
Axicabtagene ciloleucel, Kite’s most advanced therapy drug currently under review by the U.S. Food and Drug Administration, is expected to be the first to market as a treatment for refractory aggressive non-Hodgkin lymphoma, the company said.
“The field of cell therapy has advanced very quickly, to the point where the science and technology have opened a clear path toward a potential cure for patients,” Gilead CEO John Milligan said in a statement. “Our similar cultures and histories of driving rapid innovation in order to bring more effective and safer products to as many patients as possible make this an excellent strategic fit.”
By Roger Yu
Source: USA Today
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