Gilead Makes Cell Therapy The Base Of Its Oncology Platform With Kite Buy
Gilead's Kite acquisition may finally have appeased investors' thirst for a major deal with a transaction that will diversify revenue and expand its oncology portfolio.
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Two weeks after obtaining its third cancer indication and the same day Kite CEO Christi Shaw’s departure was announced, Gilead’s antibody-drug conjugate yielded Phase II data it says will help toward full approval in urothelial cancer.
Sales were down in the second quarter to $5.07bn, primarily due to coronavirus-related impacts, but Gilead’s COVID-19 antiviral therapy remdesivir will boost revenues in the second half.
As it prepares to report second quarter earnings that may show coronavirus-related impacts, the company’s antiviral for COVID-19 may boost 2020 revenue and offset need for new products.