ARTICLE | Finance
Soaring Kite
Buysiders’ views on Kite’s $12 billion takeout price
September 1, 2017 9:48 PM UTC
Four buysiders told BioCentury that Kite Pharma Inc. (NASDAQ:KITE) may have gotten maximum value for shareholders in its near $12 billion takeout by Gilead Sciences Inc. (NASDAQ:GILD) given the run-up in the stock since the start of the year.
On Aug. 28, Gilead announced it will acquire Kite for $180 per share, or about $11.9 billion. While the deal is a modest 29% premium to Kite’s Aug. 25 close of $139.10, it is a 217% premium over its share price on Feb. 27, the day before it reported data from the pivotal Phase II ZUMA-1 trial for lead CAR T therapy axicabtagene ciloleucel (KTE-C19). ...