Gilead Makes Cell Therapy The Base Of Its Oncology Platform With Kite Buy
Gilead's Kite acquisition may finally have appeased investors' thirst for a major deal with a transaction that will diversify revenue and expand its oncology portfolio.
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Expensive acquisitions are in the spotlight during earnings season. The purchases of Kite and Celgene by Gilead and Bristol-Myers Squibb are not turning out to be what was written on the tin.
With the 38th J.P. Morgan Healthcare conference about to start in San Francisco, expectations in the investment community are naturally high. This is after a year when the NASDAQ Biotech Index approached its 2015 all-time high, fueled by the acquisitions of biotech companies by pharma companies.
On his first earnings call, the new CEO said he wanted to make a quick decision on Kite, which will have its own CEO and autonomy. The unit's Yescarta posted 19% sequential revenue growth.