Global pharmaceutical giant Gilead Sciences — which has a major presence in Cork — agreed to buy Kite Pharma in a nearly $12bn (€10bn) deal, writes Natalie Grover and Michael Erman.

THE sales of a blockbuster HIV drug last year contributed to a sharp increase in pre-tax profits at the main Irish arm of pharma giant, Gilead to $55.1 million (€41.6m) after revenues topped $2.75 billion (€2bn).