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Gilead to Buy Kite for $11.9 Billion in Cancer Megadeal

Aug. 28, 2017, 7:38 PM

Gilead Sciences Inc. will buy Kite Pharma Inc. for about $11.9 billion, making its biggest-ever deal for a breakthrough new cancer treatment that will help diversify away from its eroding franchise of medicines for hepatitis C infections.

With Kite, Gilead will gain a foothold in one of the most promising fields in oncology: treatments known as CAR-T that re-engineer the body’s own immune system to fight tumors. The drugmaker said Aug. 28 that it will pay $180 a share in an all-cash deal. That’s 29 percent above the closing price Aug. 25 for Kite.

“This is a pivot to cellular ...