FOSTER CITY, Calif. (AP) - Biotechnology company Gilead Sciences Inc. said
Friday it will buy back $500 million of its stock under an accelerated share
repurchase program with Goldman Sachs.
The company will buy the shares under its $3 billion share repurchase
program announced in October, leaving it with about $2.2 billion left for
buybacks.
Gilead will pay $500 million on March 5 for roughly 7.2 million shares,
representing approximately 75 percent of the minimum number of shares to be
repurchased, based on its closing price of $47.32 on Friday. After an initial
hedge period ends, Gilead will receive the balance of the minimum number of
shares. The company may receive additional shares no later than June 25.
All of the repurchased shares will be retired. The company has about 930.8
million shares outstanding.
Copyright 2007 Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten, or redistributed.
|