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Wednesday, Feb 8, 2023

Briefs: Kite Pharma Sinks on Q4 Loss, Arts District Site Sells for $130 Million

Kite Pharma’s Shares Fall After Q4 Loss

Despite detailing a year full of landmark deals in its 2014 earnings report, Santa Monica biotech firm Kite Pharma Inc.’s shares fell 7.26 percent to $57.75 on Thursday.

The clinical-stage company reported 2014 net loss of $43.7 million (-$1.91 a share), compared to a net loss of $7.8 million (-$1.43 a share) for 2013. Analysts had expected a narrower loss.

SunCal Makes $130 Million Land Purchase in Arts District

Irvine developer SunCal, which specializes in building large, mixed-use communities, has purchased a 14.6-acre site at Sixth and Alameda streets in downtown Los Angeles for $130 million, said Bradford McCarthy, a CBRE Group Inc. senior vice president who represented the seller.

A fund affiliated with MSD Capital, computer baron Michael Dell’s private investment firm, also partnered with SunCal on the deal, according to SunCal spokesman Joe Aguirre. SunCal plans to organize community meetings as well as work with city officials to get input about possible mixed-use plans for the land.

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