Gilead Sciences Inc has agreed to buy Kite Pharma Inc for about $11 billion in an all-cash deal, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Gilead will pay $180 per share, the report said, representing a 29 percent premium over Kite`s Friday close. (http://on.wsj.com/2gjVPRH)
Kite is one of the leading players in an emerging field called CAR-T, or chimeric antigen receptor T-cell therapy, which harnesses the body`s own immune cells to recognize and attack malignant cells.
Kite`s shares were halted in premarket trading on Monday, while Gilead`s shares were up 2.7 percent.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)