 Also in January, Kite Pharma announced that it had formed a joint venture with Fosun Pharmaceutical to develop and commercialize its cancer treatment in China.Kite Pharma said it would receive an upfront payment of $40 million from the joint venture, funded by Fosun Pharma as well as regulatory and commercial milestones totaling $35 million.On August 28, 2017, Gilead Sciences announced that it would purchase Kite Pharma for US$11.9 billion in cash ($180.00 per share).