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4-Traders Homepage  >  Equities  >  Nasdaq  >  Gilead Sciences    GILD

GILEAD SCIENCES (GILD)
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Gilead Sciences : buys US firm Kite Pharma for $11.9bn

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10/05/2017 | 12:14pm CEST

Biopharmaceutical company Gilead Sciences has completed the acquisition of US-based Kite Pharma for approximately $11.9bn.

Kite Pharma specialises in the development of new cell therapies, which use a patients own immune cells to fight cancer.

Gilead Sciences has completed the transaction through Dodgers Merger Sub, a wholly owned subsidiary of the company.

On 28 August, the two companies entered a definitive merger agreement to complete the acquisition.

A tender offer was started on 5 September to buy all the outstanding shares of Kite Pharma at a price of $180 each.

Gilead Sciences has successfully concluded the tender offer for all of Kite Pharma`s common stock shares.

"Kite Pharma has become a wholly owned subsidiary of Gilead Sciences."

Gilead Sciences president and chief executive officer Dr John F Milligan said: Throughout our respective histories, each company has demonstrated a deep commitment to advancing life-saving therapies for people who need them."

With the completion of the acquisition, Kite Pharma has become a wholly owned subsidiary of Gilead Sciences.

Bank of America Merrill Lynch, Lazard and Barclays acted as financial advisors to Gilead Sciences, while Skadden, Arps, Slate, Meagher and Flom served as the companys legal advisors.

Kite Pharma has developed engineered cell therapies that express either a chimeric antigen receptor (CAR) or an engineered T-cell receptor (TCR), based on the form of cancer.

The companys major CAR T therapy candidate, axicabtagene ciloleucel (axi-cel), is expected to be the first available treatment for refractory aggressive non-Hodgkin lymphoma, including diffuse large B-cell lymphoma (DLBCL), transformed follicular lymphoma (TFL), and primary mediastinal B-cell lymphoma (PMBCL).

(c) APS 2017. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
KITE PHARMA INC 0.00%-End-of-day quote.300.96%
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Financials ($)
Sales 2018 21 295 M
EBIT 2018 11 197 M
Net income 2018 6 715 M
Debt 2018 17 121 M
Yield 2018 3,07%
P/E ratio 2018 14,10
P/E ratio 2019 13,32
EV / Sales 2018 5,32x
EV / Sales 2019 5,45x
Capitalization 96 094 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 89,0 $
Spread / Average Target 21%
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Managers
NameTitle
John F. Milligan President, Chief Executive Officer & Director
John C. Martin Chairman
Robin L. Washington CFO, Principal Accounting Officer & Executive VP
Norbert W. Bischofberger CSO, Executive VP-Research & Development
George Pratt Shultz Director-Emeritus
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