Aug 28 (Reuters) - 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. (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.
Reporting by Natalie Grover in Bengaluru; Editing by Arun Koyyur