Page 24 - ARUBA TODAY

Tuesday 29 augusT 2017 BUSINESS
A24

Tahoe resort enters alliance with Chinese outdoor retailer

TRUCKEE, Calif. (AP) — A ski Resort Secret Garden. says the number of skiers in rial and marketing content, partnership with Toread
resort at Lake Tahoe has Squaw Valley Alpine the country has increased Wirth said. will be critical in helping to
announced a new partner- Meadows President and from 200,000 in 2000 to 12.5 Toread also will promote raise awareness for Squaw
ship with one of the largest CEO Andy Wirth told the million in 2015. Squaw Valley Alpine Valley Alpine Meadows
outdoor retailers in China to Sierra Sun that Toread is Squaw’s partnership with Meadows information and among Chinese winter
help attract more Chinese a leader in virtually every Toread will help expose Chi- vacation packages at its sports enthusiasts and
skiers and snowboarders to area of outdoor recreation nese skiers and snowboard- 200 stores in China, via the those generally interested
the region. in China. He says the cross- ers to the resort by bringing company’s travel agency in outdoor recreation and
The agreement between promotional deal will allow members of the Chinese Easytour and on its online travel,” said Tracy Chang,
Squaw Valley Alpine Mead- the Tahoe resort to better media along with Chinese travel site lvye.com. vice president of digital
ows and Toread builds on tap into the fast-growing actor Xia Yu to Squaw “As the number of skiers marketing and director of
the Sierra resort’s existing al- Asian market. Valley Alpine Meadows and snowboarders in Chi- China Marketing at Squaw
liance with China’s Genting The China Ski Association in order to produce edito- na continues to grow, our Valley Alpine Meadows.q
Gilead to pay $11.9B for cancer treatment developer Kite

By TOM MURPHY already has run up this year.
AP Health Writer “ The companies expect
Gilead Sciences will pay approval for Kite’s poten-
$11.9 billion in cash to buy tial treatment of refractory
Kite Pharma and plant a aggressive non-Hodgkin
stake in an emerging area lymphoma around Novem-
of cancer treatments that ber in the United States and
train a patient’s immune next year in Europe.
cells to attack tumors. Others developing CAR-T
Kite’s portfolio of potential therapies include Novartis
treatments includes one for Corp. Earlier this summer, a
the blood cancer lympho- Food and Drug Administra-
ma that could receive U.S. tion advisory panel voted
regulatory approval later 10-0 in favor of the leuke-
this year. mia treatment developed
The Santa Monica, Califor- by the University of Penn-
nia-based company spe- sylvania and Novartis. That
cializes in developing treat- pushed the treatment for a
ments that are custom- common childhood blood
made to target a patient’s cancer closer to becoming
cancer. Called CAR-T, this the first gene therapy avail-
type of therapy involves re- able in the United States,
moving immune cells from with approval possible as
a patients’ blood, repro- This photo shows the headquarters of Gilead Sciences in Foster City, Calif. Gilead Sciences will early as September.
gramming them to create pay $11.9 billion in cash to buy Kite Pharma and plant a stake in an emerging area of cancer Foster City, California-
an army of cells that can treatments that train a patient’s immune cells to attack tumors. Kite’s portfolio of potential based Gilead Sciences Inc.
zero in on and destroy can- treatments includes one for some forms of the blood cancer lymphoma that could receive U.S. said that it will pay $180 for
cer cells and injecting them regulatory approval later in 2017. each share of Kite Pharma
back into the patient. (AP Photo/Eric Risberg) Inc., marking a 29 percent
Gilead has developed top- called cellular therapy and Investors have been push- “It got those drugs when it premium to the company’s
selling treatments for HIV provides an opportunity to ing Gilead management acquired Pharmasset,” for closing price on Friday. The
and the liver-destroying diversify revenue. for a couple years to diver- $11.1 billion in early 2012, deal has been approved
hepatitis C virus, but leaders “(Kite’s) work has opened a sify by making a big deal, noted Erik Gordon, a pro- by both companies’ boards
of the biotechnology com- clear path towards the po- because its once-surging fessor and pharmaceuti- and is expected to close in
pany told analysts Monday tential cure for lymphoma revenue from hepatitis C cals analyst at University of the fourth quarter.
that its push into oncology patients who’ve run out of drugs such as Sovaldi and Michigan’s Ross School of Shares of Kite jumped 28.2
has been largely nascent options and are desperate- Harvoni has been declining Business. With the Kite deal, percent to $178.32 in after-
so far. They said that the ly in need of treatment,” amid increased competi- he added, “Gilead is pay- noon trading on Monday.
Kite deal helps establish Gilead President and CEO tion and pressure from in- ing a large premium on top Gilead’s stock rose 2.3 per-
Gilead as a leader in so- John Milligan said. surers for lower prices. of Kite’s stock price, which cent to $75.46.q
China’s Wanda denies report its founder was detained

BEIJING (AP) — The Chi- port by Bowen Press that in Hong Kong, reports that parent company is private- years, investing billions of
nese conglomerate that Wang Jianlin was tempo- others have been ques- ly held. dollars in acquiring ho-
owns Hollywood studio rarily detained in the east- tioned by authorities and Wang is one of China’s rich- tels, insurance companies,
Legendary Entertainment ern city of Tianjin last week tighter government control est businesspeople, with a manufacturers of autos
on Monday denied a re- and barred from leaving over investments abroad. fortune estimated by the and robots and other as-
port by a U.S. website that China. The Chinese-lan- Shares in Wanda’s hotel Hurun Report, which tracks sets.
its chairman was detained guage Bowen Press cited unit traded on the Hong the country’s wealthy, at Wanda bought Legend-
by Chinese authorities that unidentified sources. Kong stock exchange fell $30 billion. ary last year. It acquired
prompted a plunge in the Investors are unusually sen- 10 percent following the Wanda is one of the most AMC in 2012, becoming
share price of a Hong Kong sitive to reports about the Bowen Press report but par- prominent of a group of the world’s biggest cinema
subsidiary. status of Chinese business tially recovered Monday Chinese companies that operator, and added the
Wanda Group rejected as leaders following the disap- and were down 6.4 per- have expanded aggres- smaller Carmike Cinemas
“malicious slander” the re- pearance of a billionaire cent at midday. Wanda’s sively abroad in recent chain last year.q