Gilead Sciences to buy 88% of CV Therapeutics' shares in tender offer

By Lisa Kerner

Charlotte, N.C., April 15 - Gilead Sciences, Inc. said 59,377,080 shares, or over 88%, of the outstanding common stock of CV Therapeutics, Inc. were validly tendered and not withdrawn in Gilead's tender offer that ended on Tuesday.

The results are based on preliminary information from the depositary, Gilead said.

According to Gilead, all the shares have been accepted for payment, including 4,625,773 shares tendered pursuant to the guaranteed delivery procedure.

As previously reported, CV Therapeutics agreed to be acquired by Gilead, a Foster City, Calif.-based biopharmaceutical company, for $20 per share in cash in a transaction valued at $1.4 billion.

Gilead said it will exercise its top-up option under the merger agreement and purchase additional shares directly from CV Therapeutics for $20 each in order to accomplish a short-form merger.

CV Therapeutics is a Palo Alto, Calif., biopharmaceutical company.

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