3 Biotechnology Stocks Heating Up On Acquisition News

CORAL GABLES, FL / ACCESSWIRE / August 29, 2017 / Earlier this summer, the climate for biotechnology company mergers and acquisitions was thought to have cooled. However, over the more recent weeks of August, several biotech companies have seen market activity trend higher after announcing new acquisitions. These include companies like GT Biopharma (OXISD), Kite Pharma, Inc. (NASDAQ: KITE), and Gilead Sciences (GILD).

Whenever large biotech leaders announce acquisitions, the entire sector is studied. GT Biopharma (formerly Oxis International) (OXISD) previously announced its plan to acquire Georgetown Translational Pharmaceuticals, a private company. As part of this planned merger, GT Biopharma recently completed a reverse stock split. After the completed reverse split, there will be approximately 500,000 shares of GT Biopharma stock issued and outstanding and the new company’s stock will trade under the symbol GTBP. Under FINRA guidelines, the shares will trade under the symbol OXISD for 20 days before shifting to GTBP.

According to recent press, GT Biopharma, Inc. will be led by a new management team. GTP co-founder Dr. Kathleen Clarence-Smith, institutionally respected and experienced leader in the pharmaceutical industry, who will be CEO of the combined companies. Additionally, a Chief Medical Officer, who formerly served as CMO with Pfizer, will join GT Biopharma, Inc. upon closing of the merger. For Free Report On (OXISD), Click Here.

Of course in the news this week has been the acquisition of Kite Pharma, Inc. (KITE) for a sum of $180 per share, which places a value of $11.9 billion on the deal. The acquisition was made by Gilead Sciences (GILD) and following the completion of the tender offer, Gilead would purchase the remaining shares not tendered through a second-step merger at the same price at which the tender offer was made. The companies expect the deal to close in the fourth quarter of 2017. The boards of both companies have approved the deal.

Kite Pharma’s advanced therapy candidate axicabtagene ciloleucel meant to treat aggressive non-Hodgkin lymphoma is a CAR T therapy and has acquired priority review status from the FDA.

Just as Gilead made the Kite acquisition, speculation continues to circle the future M&A climate for the company. In a conference call that talked about the Kite Pharma acquisition, CEO John Milligan said Gilead would be “quite interested in things that would augment cellular therapy.” He explained that the company would not be “going quietly after this deal,” with the business development group staying “very active” assessing additional opportunities.

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