The stock of Gilead Sciences, Inc (NASDAQ:GILD) closed at $83.19 losing 0.40% in yesterday’s trading session. This company has today made an announcement regarding the successful completion of the tender offer for all of Kite Pharma, Inc’s outstanding shares.
Striking the merger comes with numerous changes. Kite is set to become Gilead’s wholly-owned subsidiary. The conversion of Kite’s outstanding common stock is expected to take place as soon as possible.
If everything moves according to plan the trading of the Kite common stock will be struck off from the NASDAQ Global Select Market and thus it won’t be trading any longer.
Kite has lately been seen employing a series of strategies all targeted at helping it succeed on its quest to give a major boost to its innovative cancer immunotherapies development.
Gilead sees its successful acquisition of Kite as a major step forward to its business development. Gilead’s President and Chief Executive Officer, John F. Milligan opined, “We are excited to welcome more than 700 talented Kite employees to the Gilead organization. “Throughout our respective histories, each company has demonstrated a deep commitment to advancing life-saving therapies for people who need them.”
He added that as a company they were looking forward to that moment when they will be able to accomplish much under the umbrella of a combined organization. According to him, success was guaranteed provided the involved parties were going to embrace team work in the everyday running of the company.
While speaking about business challenges that might pop up along the way, he outlined that those were normal. All that the company would need was to handle the challenges in the most appropriate fashion and from there they would be guaranteed of a win in the long run.
Gilead takes great pride in the fact that it has succeeded at establishing its operations in more than 30 countries globally so far.