Gilead to assume $292 million in CV Therapeutics' convertible debt

By Cristal Cody

Tupelo, Miss., March 12 - Gilead Sciences, Inc. said Thursday the HIV drug manufacturer will assume $292 million in convertible debt held by CV Therapeutics, Inc. as part of its $1.4 billion acquisition of the company.

The convertible subordinated notes are included in the overall purchase price of $20.00 a share in cash, Gilead said.

CV Therapeutics has 2% senior subordinated convertible debentures due 2023; 2.75% senior subordinated convertible notes due 2012; and 3.25% senior subordinated convertible notes due 2013, according to filings with the Securities and Exchange Commission.

Foster City, Calif.-based Gilead announced plans on Thursday to acquire Palo Alto, Calif.-based CV Therapeutics, which manufactures drugs for the treatment of cardiovascular diseases.

The acquisition is expected to close in the second quarter of 2009.

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