Kite's CAR-T therapy shows remarkable efficacy and is positioned to reach the DLBCL market first.
Gilead will acquire Kite Pharma in an all-cash deal worth $11.9 billion ($180 per share), and we continue to view Gilead shares as slightly undervalued, with a fair value estimate of $84 per share. While this does diversify Gilead’s portfolio, the price that Gilead paid looks neutral to long-term ROICs, assuming approval and strong pricing for Kite’s cell therapy axicabtagene ciloleucel (axi-cel) in the biggest indications of second- and third-line DLBCL, and we think Gilead’s wide moat remains ...
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