1 Safe-Haven Stock for the Near Term
Behemoth biotech Gilead Sciences (NASDAQ: GILD) announced on March 2 that it will acquire up-and-coming cancer drug developer Forty Seven (NASDAQ: FTSV) for $4.9 billion. Biotech investors had been calling on Gilead to make strategic moves like this to shore up prospects in the wake of declining sales of its blockbuster hepatitis-C franchise.
Gilead made waves in 2017 when it announced an $11.9 billion agreement to buy Kite Pharma, a cell therapy specialist focused on immuno-oncology. With shuffling of management at Gilead over the past few years, investors have been watching for the new team to leave its mark.
Source Fool.com