Gilead's Kite unit to acquire CAR T therapy developer Tmunity Therapeutics
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Gilead Sciences' (NASDAQ:GILD) Kite division will acquire Tmunity Therapeutics, giving the former access to the latter's CAR T technology platform.
Financial details were not disclosed.
Gilead (GILD) said the deal would reduce GAAP and non-GAAP 2023 EPS by $0.18-$0.22.
Tmunity has three candidates in the clinic, all in phase 1. They are for prostate, breast, lung, pancreatic, and ovarian cancers. The biotech also has an existing research collaboration with the University of Pennsylvania.
The acquisition is expected to close in Q1, 2023.
See why Giesbers Investment Strategy just rated Gilead (GILD) a hold.