Has Gilead Sciences' Big Bounce Begun With the Kite Pharma Buyout?
Once upon a time, Gilead Sciences (NASDAQ: GILD) was one of the hottest biotech stocks on the market. But for most of the last two years, Gilead was anything but hot, with its market cap losing nearly half of its value at one point. The company in many respects was a victim of its own success, with previous growth from the astronomical rise of its hepatitis C drugs fizzling out as patients were cured.
Gilead announced on Monday that it's acquiring Kite Pharma (NASDAQ: KITE) for $11.9 billion. Some investors are hoping that this new chapter for Gilead will bring a more positive story. Has a big bounce begun for the beleaguered biotech?
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Source: Fool.com
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