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Novartis competition – US company Gilead buys Krebsspezialisten for 12 billion dollars News

Monday, August 28th, 2017 | Economy

Gilead has placed almost twelve billion dollars on the purchase of the US biotechnology company Kite Pharma, as the Californian company announced on Monday. Kite shareholders are expected to receive $ 180 a share, a premium of about 29 percent at the closing price on Friday. The biotech company specializes in cancer therapy with genetically modified defense cells – so-called CART-T cells – which are to recognize and combat cancer. For Gilead it is the largest purchase since the takeover of the hepatitis specialist 2011 Pharmateet for eleven billion dollars.
Experts trust the CART-T cell therapies after approval for billions of sales. This field of cancer immunotherapy is correspondingly hot. In addition to kite, the Swiss pharmaceutical group Novartis, as well as the US biotech companies Juno and Bluebird Bio are in the front line. The US health authority FDA wants to decide by the end of November about the approval of Kite's Axicel drug for the treatment of adults with advanced lymphoma. The approval for Europe is expected in 2018. Gilead is already active in cancer research, but above all as one of the world's largest manufacturers of AIDS drugs and for its hepatitis C agent known as Harvoni – one of the world's top-selling drugs.
The completion of the takeover is expected for the fourth quarter. The Supervisory Boards of Gilead and Kite have already approved the deal. Börsians and shareholders had been waiting for a purchase of the pharmaceutical company for a long time in the face of Gilead's heavy financial cushion. Its growth was strongly driven by its successful hepatitis drugs in the past year, but the latter had lost a lot of sales, among other things due to increased competition.
(Reuters)

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