Gilead Sciences to Buy Kite Pharma for $11.9 Billion: Is It Enough to Move the Needle?
Gilead Sciences (NASDAQ: GILD), prompted by its falling sales of its hepatitis C drugs over the past year, has finally pulled the trigger on a much-anticipated buyout: On Monday, it offered to acquire Kite Pharma (NASDAQ: KITE) for $11.9 billion in an all-cash deal. Kite's shares were up by 28.87% in pre-market trading on heavy volume as a result.
Kite is a leader in the field of next-generation cancer treatments known as chimeric antigen receptor T-cell (CAR-T) therapies. The biotech's lead CAR-T candidate, axicabtagene ciloleucel, or Axi-Cel for short, is currently under review by the U.S. Food and Drug Administration as a potential treatment for aggressive non-Hodgkin lymphoma. The FDA is expected to hand down a final decision on Axi-Cel in November.
Source: Fool.com
Gilead Sciences Inc Stock
We see a rather positive sentiment for Gilead Sciences Inc with 12 Buy predictions and 1 Sell predictions.
With a target price of 84 € there is a slightly positive potential of 17.55% for Gilead Sciences Inc compared to the current price of 71.46 €.