Juno/Bluebird Hot Acquisition Targets After Kite/Gilead Deal
Zacks Investment Research | Aug 30, 2017 08:49AM ET
Biotech giant Gilead Sciences, Inc.’s (NASDAQ:GILD) $11.8 billion deal to buy CAR-T cancer therapy designer, Kite Pharma, Inc. (NASDAQ:KITE) has made two other leading independent CAR-T developers, Juno Therapeutics, Inc. (NASDAQ:JUNO) and Bluebird Bio, Inc. (NASDAQ:BLUE) hot takeover targets.
Terms of the Gilead/Kite Pharma Deal
Per the agreement, Gilead will pay $180.00 per share in cash. The total transaction value is approximately $11.9 billion. The price represents a 28% premium over the closing share price of Kite Pharma as of Aug 25, 2017.
The transaction was approved by shareholders of both companies and is expected to close by the fourth quarter of 2017.
While shares of Gilead have shot up 28%, that of Gilead have gone up by almost 3% since the announcement. In-fact, so far this year, Kite Pharma’s stock is up 296.8%which compares favorably with a 9.7% increase registered by the Zacks Investment Research
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