Kite Pharma Up On Amgen Cancer Partnership
Hot biotech IPO Kite Pharma (KITE) jumped to a new high Monday, up 9%, after it inked a deal with Amgen worth up to $585 million. The two companies will develop the next generation of Kite’s chimeric antigen receptor (CAR) T cell therapies for cancer, with Amgen (AMGN) supplying the targets. Amgen is paying $60 million upfront and up to $525 million in milestone payments if the products get through the approval process. After launch, Kite is