Gilead’s Kite buyout looks a little worse
Investors have long since soured on Gilead Sciences’ $12 billion acquisition of Kite Pharma. Now the company’s balance sheet is starting to do the same.
Yesterday, the company revealed that it wrote down an $800 million impairment charge related to its Kite buyout. That follows an $820 million charge in 2018 that stemmed from the abandonment of a Kite treatment for multiple myeloma.
Meanwhile, Yescarta, the only approved product involved in the Kite deal, has stalled. Sales of the CAR-T cancer therapy have now been flat for three straight quarters, lending credence to the bearish analysts who wonder whether Gilead will eventually write down the entire merger.
Yesterday, the company revealed that it wrote down an $800 million impairment charge related to its Kite buyout. That follows an $820 million charge in 2018 that stemmed from the abandonment of a Kite treatment for multiple myeloma.
Meanwhile, Yescarta, the only approved product involved in the Kite deal, has stalled. Sales of the CAR-T cancer therapy have now been flat for three straight quarters, lending credence to the bearish analysts who wonder whether Gilead will eventually write down the entire merger.
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