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.
It is the second move by Gilead in recent months to invest in cutting-edge cancer treatments known as vehicle T cell therapy. The company said it will acquire the 12.2% of Cell Design shares held by recently acquired Kite Pharma Inc.
Both Kite and Cell Design Labs develop cancer therapies that involve extracting a patient's own cells from his or her blood, genetically modifying them, and then reintroducing them into the person's body to attack harmful cancer cells.
3 dead following school shooting in New Mexico
The identity of the shooter has yet to be released. "No other injuries reported", the police said. The attack took place at Aztec High School, New Mexico State Police said on Twitter.
Gilead said it would make an initial upfront payment to Cell Design of about $175 million and additional payments of up to $322 million upon meeting certain milestones.
Shares of Gilead rose marginally after the bell.
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