Gilead to buy Kite for promising cancer therapies in $12 bln deal

Aug 28 (Reuters) – Gilead Sciences Inc has agreed to buy immunotherapy developer Kite Pharma Inc in an all-cash deal valued at $11.9 billion, the companies said on Monday. Gilead will pay $180 per share, representing a 29.4 percent premium over Kite’s Friday close. Gilead’s growth has been fueled by its pricey but revolutionary hepatitis C drugs but with fewer eligible patients and rising competition, sales have begun to fall. Wall Street and Gilead shareholders have long been expecting the company to use its cash pile for a big-ticket acquisition…

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