Kite Pharma Acquired For $11.9 Billion By Gilead

Santa Monica-based cancer treatment developer Kite Pharma has been acquired by Gilead Sciences, in a deal worth $11.9 billion, the two companies announced this morning. According to the two, Gilead will pay $180.00 per share in cash for publicly traded Kite, which trades as KITE on the Nasdaq. According to the two companies, they expect to close the acquisition in the fourth quarter of 2017. Gilead said the acquisition will establish the company as a leader in cellular therapy. Kit's cell therapy products use a patient's own immune cells to fight cancer.