Gilead Sciences to buy Cell Design Labs for $567 million

12/07/17 05:33 PM EST

Gilead Sciences Inc. (GILD) said late Thursday it will acquire privately held cellular therapy company Cell Design Labs Inc. for $567 million. The company said it will acquire the 12.2% of Cell Design shares held by recently acquired Kite Pharma Inc (http://www.marketwatch.com/story/gilead-to-buy-kite-pharma-for-about-11-billion-2017-08-28).. The deal includes an upfront payment of about $175 million and additional milestone payments of up to $322 million to be paid to Cell Design Labs shareholders other than Kite, Gilead said. Emeryville, Calif.-based Cell Design Labs develops biotech to re-engineer cells for use in cancer treatments. Shares of Gilead rose 0.3% to $72.92 after hours.

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

 

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12-07-17 1733ET

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