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What's Next On Gilead's Shopping List

 
• By Joseph Haas

With much of its cash held ex-US, Gilead is unlikely to undertake another large acquisition soon, even if there are logical reasons to bolster its NASH pipeline or try to acquire partner Galapagos. Firm is likely to follow Kite buyout with targeted cancer deals.

Businessman comparing two documents, neutral background

Despite a cash stockpile of roughly $36bn on hand at the end of the second quarter, Gilead Sciences Inc.'s announced plan to acquire Kite Pharma Inc. Aug. 28 for $11.9bn – structured as a mix of cash, senior unsecured notes and bank financing – likely forestalls it from undertaking any further large-scale M&A in the near term.

But, as Ian Somaiya of BMO Capital Markets put it in an Aug. 28 research note, the Kite acquisition is...

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