Kite gets wind in its sails as Gilead boosts cell therapy investment
Three months after Gilead Sciences (Nasdaq: GILD) bought fellow Californian biotech Kite Pharma, the HCV specialist has bolstered its program of diversification, buying privately-held Cell Design Labs for around half a billion dollars.
Shortly after buying Kite at a valuation of nearly $12 billion, Gilead was rewarded with the second ever CAR T-cell therapy approval from the US FDA, for its Yescarta (axicabtagene ciloleucel).
With its latest purchase, Gilead gains new technology platforms that it hopes will enhance research and development efforts in cellular therapy.
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