Why Kite Pharma Soared 64.8% in August
Shares of Kite Pharma (NASDAQ: KITE), a clinical-stage biotech focused on chimeric antigen receptor T-cell (CAR-T therapy), skyrocketed 65% in August, according to data from S&P Global Market Intelligence. The huge jump was caused by the news that Kite accepted a buyout offer from biotech giant Gilead Sciences (NASDAQ: GILD).
Gilead Sciences agreed to acquire Kite for $11.9 billion, or $180 per share. That buyout price represented a 29% premium to its closing price prior to the announcement.
Image source: Getty Images.
Source: Fool.com