Gilead Sciences To Buy Cell Design Labs In $567 Mln Deal

Drugmaker Gilead Sciences Inc said on Thursday it was acquiring privately-held Cell Design Labs Inc for up to $567 million, giving it access to new technology platforms that would help in the development of cancer drugs. In August, the company announced plans to acquire Santa Monica's Kite Pharma for $12 billion - the largest acquisition since Gilead's 2011 purchase of Pharmasset, which brought two leading hepatitis C drugs into its drug portfolio.

The agreement includes an initial upfront payment of approximately $175 million, subject to certain adjustments, and additional payments of up to $322 million that will be paid to the shareholders of Cell Design Labs other than Kite upon the occurrence of certain events, including the achievement of development and approval milestones. 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. Visit MarketWatch.com for more information on this news.

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