Kite pharmaceuticals trial#

Gilead shares traded up just over 1% Monday, but Wall Street wasn't uniformly impressed. The company ended fiscal 2016 with $32 billion in cash on its balance sheet, up from $2.6 billion at the end of fiscal 2013.īut aside from a few small deals, Gilead's last major transaction was the one that fueled its current cash bonanza: the 2011 acquisition of hepatitis drugmaker Pharmasset for $11 billion.Īfter several quiet years of watching hepatitis C treatments Sovaldi and Harvoni generate tens of billions in revenue, Gilead made a splashy return to M&A Monday, buying cancer-immunotherapy firm Kite Pharma for $11.9 billion in cash, a 29% premium. Since its bombshell hepatitis C treatments hit the market in 2013, the company has been amassing a staggering war chest.

Kite pharmaceuticals trial#

Sources say Gilead inked the deal because it was impressed by Kite's trial data and thought it had a strategic edge over competitors.įor several years, investors of Gilead Sciences have clamored for the drug giant to jump back into the mergers-and-acquisitions game.The acquisition breaks a years-long hiatus from major dealmaking for Gilead.Gilead Sciences bought cancer-immunotherapy company Kite Pharma for $11.9 billion Monday. Promising trial data convinced Gilead that Kite had an edge over competitors.