![]() Late last year, Gilead also posted subpar data from two phase 3 trials of JAK inhibitor momelotinib in patients with the bone marrow disorder myelofibrosis, continuing its struggles in the clinic. Oncology has proved a particular frustration for the biotech: Its blood cancer med Zydelig (idelalisib) won an FDA nod in 2014 for three kinds of blood cancer, but serious side effects including death halted six trials using the drug in combination with a variety of others as a first-line therapy. Riva joined from Novartis, where he held a similar role. Gilead’s identification of CAR-T as the technology around which to build the next stage of its evolution-the first stage of which saw it expand from HIV into hepatitis C-comes eight months after it hired Alessandro Riva to head up its oncology division. The scale of Gilead’s multiyear hepatitis C bonanza means it will still be sat on a considerable sum of money once the all-cash deal closes. But that premium comes on top of a share price that rose more than 200% over the past eight months as the barriers between Kite and commercial sales came down. The big biotech is set to buy Kite for the relatively small premium of 29%. Alternatively, if the deal falls short of expectations, it could provide evidence of what happens when a cash-rich company pens a desperate deal. ![]() ![]() Gilead’s ability to realize that prospect will dictate whether the deal joins its $11 billion takeover of Pharmasset-which gave it the hepatitis C franchise-as evidence of its savvy dealmaking skills. ![]()
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