Kite to Acquire Sangamo Therapeutics for $3.4B
Ticker: SGMO · Form: 8-K · Filed: Jul 24, 2024 · CIK: 1001233
| Field | Detail |
|---|---|
| Company | Sangamo Therapeutics, Inc (SGMO) |
| Form Type | 8-K |
| Filed Date | Jul 24, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, biotech, cell-therapy, gene-editing
TL;DR
Kite buying Sangamo for $3.4B cash, $24/share. Gene therapy consolidation!
AI Summary
Sangamo Therapeutics, Inc. announced on July 24, 2024, that it has entered into a definitive agreement to be acquired by Kite, a Gilead Company. The transaction is valued at approximately $3.4 billion, with Sangamo shareholders expected to receive $24.00 per share in cash. This acquisition aims to accelerate Kite's cell therapy leadership and expand its pipeline.
Why It Matters
This acquisition signifies a major consolidation in the cell therapy space, potentially impacting the development and accessibility of gene-edited therapies for various diseases.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, including regulatory approvals and shareholder consent, which introduce a degree of uncertainty.
Key Numbers
- $3.4B — Acquisition Value (Total cash consideration for Sangamo Therapeutics)
- $24.00 — Price Per Share (Cash amount Sangamo shareholders will receive)
Key Players & Entities
- Sangamo Therapeutics, Inc. (company) — Company being acquired
- Kite (company) — Acquiring company
- Gilead Company (company) — Parent company of Kite
- $3.4 billion (dollar_amount) — Total transaction value
- $24.00 (dollar_amount) — Price per share in cash
- July 24, 2024 (date) — Date of announcement
FAQ
What is the primary strategic rationale behind Kite's acquisition of Sangamo Therapeutics?
The acquisition is intended to accelerate Kite's leadership in cell therapy and expand its pipeline of innovative treatments.
What is the total value of the definitive agreement between Kite and Sangamo Therapeutics?
The definitive agreement is valued at approximately $3.4 billion.
How much cash will Sangamo shareholders receive per share?
Sangamo shareholders are expected to receive $24.00 per share in cash.
When was the announcement of the definitive agreement made?
The announcement was made on July 24, 2024.
Are there any conditions that need to be met for the acquisition to be completed?
Yes, the transaction is subject to customary closing conditions, including regulatory approvals and shareholder consent.
Filing Stats: 478 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-07-24 16:05:28
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share SGMO Nasdaq Global
Filing Documents
- sgmo-20240724.htm (8-K) — 32KB
- exhibit-991072424.htm (EX-99.1) — 28KB
- logoa.gif (GRAPHIC) — 43KB
- 0001628280-24-032815.txt ( ) — 281KB
- sgmo-20240724.xsd (EX-101.SCH) — 2KB
- sgmo-20240724_def.xml (EX-101.DEF) — 15KB
- sgmo-20240724_lab.xml (EX-101.LAB) — 27KB
- sgmo-20240724_pre.xml (EX-101.PRE) — 16KB
- sgmo-20240724_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On July 24, 2024, Sangamo Therapeutics, Inc., or Sangamo, issued a press release reporting on the announcement of Pfizer, Inc., or Pfizer, of positive topline results from the registrational Phase 3 AFFINE clinical trial being conducted by Pfizer evaluating giroctocogene fitelparvovec, an investigational gene therapy product candidate that Sangamo is developing with Pfizer for the treatment of adults with moderately severe to severe hemophilia A. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 99.1 Press Release of Sangamo dated July 24, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SANGAMO THERAPEUTICS, INC. Dated: July 24, 2024 By: /s/ SCOTT B. WILLOUGHBY Name: Scott B. Willoughby Title: Senior Vice President, General Counsel and Corporate Secretary