Why Gilead Sciences Shares Soared 10.6% in August

Why Gilead Sciences Shares Soared 10.6% in August

After Gilead Sciences (NASDAQ: GILD) surprised investors by announcing an $11.9 billion splash into cancer treatment, its shares jumped 10.6% in August according to S&P Global Market Intelligence.

Investors waiting to find out what Gilead Sciences would do with the tens of billions of dollars in its balance sheet were rewarded when the company announced it will be acquiring Kite Pharma (NASDAQ: KITE) in a deal valued at nearly $12 billion in cash.

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Source: Fool.com