SAN FRANCISCO (Thomson Financial) - Gilead Sciences Inc. said late Friday it
entered into an agreement with Goldman, Sachs & Co. to repurchase $500 million
of its common stock under an accelerated share repurchase program.
Gilead will acquire the shares under the $3 billion share repurchase program
it announced in October of 2007.
Upon completion of the deal, Foster City, Calif.-based Gilead said it will
have roughly $2.2 billion remaining in future authorized share repurchases.
Under the agreement, Gilead will pay $500 million on March 5, and receive
roughly 7.2 million shares.
All of the repurchased shares will be retired, the biotechnology company
said.
Shares of Gilead closed at $47.32.
Gabriel Madway
gm
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