Gilead Writes Down Kite Buy As Yescarta Sales Flatten Out
Gilead takes $800m impairment charge against Kite acquisition a year after an $820m write-down. Kite and Yescarta are appear to be afterthoughts in discussions of Gilead’s portfolio and pipeline.
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Deal snapshot: Pionyr’s top two candidates are preclinical, but Gilead buys near 50% stake in the hope that myeloid tuners will work in combination with anti-PD-L1 agents in solid tumors.
The 10-year partnership brings Arcus up-front funding with ample earnout opportunities, while Gilead gets extensive opt-in rights and an equity stake it can increase – and potentially a wholly owned dual checkpoint combination.
With efficacy data in hand, Gilead wants to balance economic sustainability with broad availability of remdesivir for COVID-19 patients. The firm did not alter guidance on Q1 earnings call.