Market Overview

Gilead Sciences Completes Tender Offer for All Outstanding Shares of Kite Pharma, Inc.


Gilead Sciences, Inc. (NASDAQ:GILD) today announced the successful
completion of the tender offer by its wholly-owned subsidiary, Dodgers
Merger Sub, Inc. ("Purchaser"), for all of the outstanding shares of
common stock of Kite Pharma, Inc. (NASDAQ:KITE) at a price of $180 per
share, net to the seller in cash, without interest. Computershare Trust
Company, N.A., the depositary for the tender offer, has advised Gilead
that, as of one minute after 11:59 p.m., New York City time, on October
2, 2017, the initial expiration of the tender offer, approximately
38,324,617 shares were validly tendered and not withdrawn in the tender
offer, representing approximately 66.20% of Kite's currently outstanding
shares (including 2,003,002 shares delivered through Notices of
Guaranteed Delivery, representing approximately 3.46% of the shares
outstanding). Gilead has accepted for payment all shares validly
tendered and not withdrawn and will promptly pay for such shares.
Eligible Kite shares exclude shares held by Kite (or in Kite's
treasury), shares held by Gilead or any of its subsidiaries, including
Purchaser, and shares held by any Kite stockholder who exercised
appraisal rights under Section 262 of the Delaware General Corporate Law
(the "DGCL").

Purchaser will acquire all of the remaining outstanding shares of Kite
common stock by means of a merger of Purchaser with and into Kite
without a vote of Kite's other stockholders pursuant to Section 251(h)
of the DGCL. Following the merger, Kite will become a wholly-owned
subsidiary of Gilead, and each share of Kite's outstanding common stock
will be cancelled and converted into the right to receive the same
consideration, without interest, received by holders who tendered in the
tender offer. Thereafter, Kite common stock will cease to be traded on
the NASDAQ Global Select Market.

About Kite

Kite is a biopharmaceutical company engaged in the development of
innovative cancer immunotherapies with a goal of providing rapid,
long-term, durable response and eliminating the burden of chronic care.
The company is focused on chimeric antigen receptor (CAR) and T cell
receptor (TCR) engineered cell therapies designed to empower the immune
system's ability to recognize and kill tumors. On March 31, 2017, Kite
submitted a Biologics License Application to the FDA for its lead
product candidate, axi-cel, as a treatment for patients with relapsed or
refractory aggressive non-Hodgkin lymphoma who are ineligible for
autologous stem cell transplant. Kite received priority review on May
29, 2017 with the Prescription Drug User Fee Act action date set for
November 29, 2017. This submission comes after positive results from
Kite's ZUMA-1 pivotal trial with axi-cel in patients with
chemorefractory aggressive non-Hodgkin lymphoma. Kite is based in Santa
Monica, California. For more information on Kite, please visit

About Gilead Sciences

Gilead Sciences is a biopharmaceutical company that discovers, develops
and commercializes innovative therapeutics in areas of unmet medical
need. Gilead's mission is to advance the care of patients suffering from
life-threatening diseases. Gilead has operations in more than 30
countries worldwide, with headquarters in Foster City, California.

Forward-Looking Statements

This press release includes forward-looking statements that are subject
to risks, uncertainties and other factors. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including all statements regarding the
intent, belief or current expectation of Gilead and members of its
senior management team. Forward-looking statements include, without
limitation, statements regarding the business combination, its effect on
Gilead's revenues and earnings, the commercial success of Kite's
products, approval of axi-cel by regulatory authorities, the ability of
Gilead to advance Kite's product pipeline, including axi-cel, the
anticipated timing of clinical data; the possibility of unfavorable
results from clinical trials; filings and approvals relating to the
transaction; the expected timing of the completion of the transaction;
the ability to complete the transaction considering the various closing
conditions; difficulties or unanticipated expenses in connection with
integrating the companies; and the accuracy of any assumptions
underlying any of the foregoing. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties and are cautioned not to place undue
reliance on these forward-looking statements. Actual results may differ
materially from those currently anticipated due to a number of risks and
uncertainties. Risks and uncertainties that could cause the actual
results to differ from expectations contemplated by forward-looking
statements include: uncertainties as to the timing of merger; the
possibility that various closing conditions for the transaction may not
be satisfied or waived; the effects of the transaction on relationships
with employees, customers, other business partners or governmental
entities; other business effects, including the effects of industry,
economic or political conditions outside of the companies' control;
transaction costs; actual or contingent liabilities; and other risks and
uncertainties detailed from time to time in Gilead's periodic reports
filed with the Securities and Exchange Commission, including current
reports on Form 8-K, quarterly reports on Form 10-Q and annual reports
on Form 10-K. All forward-looking statements are based on information
currently available to Gilead, and Gilead assumes no obligation and
disclaims any intent to update any such forward-looking statements.

For more information on Gilead Sciences, please visit the company's
website at,
follow Gilead on Twitter (@GileadSciences) or call Gilead Public Affairs
at 1-800-GILEAD-5 or 1-650-574-3000

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