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Gilead grabs Kite for nearly $12B

Gilead Sciences Inc. (NASDAQ:GILD) added a late-stage cancer asset and pivoted toward the chimeric antigen receptor (CAR) T cell therapy space after agreeing to acquire Kite Pharma Inc. (NASDAQ:KITE) at $180 per share in cash, which the companies say values Kite at about $11.9 billion.

The acquisition is a 29% premium on Kite’s Friday close of $139.10. However, the biotech’s valuation has been ticking up over the past six months due

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