Shares of Kite Pharma Inc. (KITE) jumped nearly 30% to $179.20 in early trading on Monday, Aug. 28, after the Santa Monica, Calif.-based immunotherapy firm agreed to sell to Gilead Sciences Inc. (GILD - Get Report) for $180 per share in cash. The deal values Kite at about $11.9 billion and is expected to close in the fourth quarter.
"The acquisition of Kite establishes Gilead as a leader in cellular therapy and provides a foundation from which to drive continued innovation for people with advanced cancers," said Gilead president and CEO John F. Milligan, PhD, in a statement.
Shares of Gilead were trading at $75.42, up 2.2%.
The sale of Kite drove trading in the shares of other immunotherapy firm, namely Juno Therapeutics Inc. (JUNO) and Bellicum Pharmaceuticals Inc. (BLCM - Get Report) . Juno shares were up 21.8% to $37.44 and Bellicum shares rose 14.9% to $9.52.
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