Gilead is acquiring cancer immunotherapy biotech Kite Pharma for $11.9 billion.
Gilead, known for its HIV and hepatitis C drugs, has been growing a cash pile over the past few years since the approval of its hepatitis C drug, leading investors to speculate what company it might buy. Gilead’s purchase of Kite is the first big deal the company’s had since.
Kite’s shares were up 29% on the news before markets opened on Monday.
Kite has been one of the companies leading development for a new form of highly personalized cancer treatment is called CAR T-cell therapy. It’s a type of cancer immunotherapy — or a therapy that harnesses the body’s immune system to take on cancer cells.
