Wednesday, March 23, 2011

New Gilead senior notes could pay off debt, buy back stock

Gilead Sciences Inc., which said Wednesday that its experimental antiretroviral drug elvitegravir performed well in a Phase III test, plans to offer senior notes from a shelf registration that could raise money to pay off debt or buy back common stock, among other uses.
The Foster City-based drug developer (NASDAQ: GILD), whose HIV-fighting drugs are used by almost four of every five treated HIV patients in the United States, said Wednesday that key terms will be determined at the time it prices the offering.

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