August 28, 2017 / 11:21 AM / a month ago

BRIEF-Gilead Sciences to acquire Kite Pharma for $11.9 billion

Aug 28 (Reuters) - Kite Pharma Inc

* Gilead Sciences to acquire Kite Pharma for $11.9 billion

* Kite Pharma Inc - ‍Gilead will acquire Kite for $180.00 per share in cash​

* Kite Pharma Inc - Deal unanimously approved by both Gilead and Kite boards of directors and is anticipated to close in Q4 of 2017

* Kite Pharma says wholly-owned subsidiary of Gilead will promptly commence a tender offer to acquire all of outstanding shares of Kite’s common stock​

* Kite Pharma Inc - ‍Gilead plans to finance transaction with a combination of cash on hand, bank debt and senior unsecured notes​

* Kite Pharma Inc - ‍Tender offer is not subject to a financing condition​

* Kite Pharma Inc - Deal is expected to be neutral to earnings by year three and accretive thereafter for Gilead

* Kite Pharma - Wholly-owned unit of Gilead will promptly commence tender offer to acquire all shares of Kite’s common stock at $180 per share in cash​

* Kite Pharma - After tender offer, Gilead will acquire all remaining shares not tendered in offer through second step merger at same price as tender offer​ Source text for Eikon: Further company coverage:

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