Santa Monica biotech firm Kite Pharma Inc., which specializes in cancer-fighting treatments, is being acquired by industry giant Gilead Sciences Inc. for $11.9 billion, the companies announced Monday. Gilead is to pay $180 in cash for each share of Kite Pharma, a 29% premium over the Friday closing price. Kite Pharma’s research and development, as well as commercialization operations, are to remain in Santa Monica. "The GPS will lead you to the cancer cell, and not the normal cell, and selectively kill only the cancer cell," Belldegrun said. 7:00 a.m.: This article was updated with additional detail and the opening stock prices of Kite Pharma and Gilead.

Source: Los Angeles Times August 28, 2017 12:37 UTC