Gilead Sciences (GILD) to Acquire CV Therapeutics (CVTX) for $20/Share
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Gilead Sciences, Inc. (Nasdaq: GILD) and CV Therapeutics, Inc. (Nasdaq: CVTX) today announced the signing of a definitive agreement pursuant to which Gilead will acquire CV Therapeutics for $20.00 per share in cash through a tender offer and second step merger.
CV Therapeutics’ Board of Directors has unanimously approved the transaction and has agreed to recommend to its stockholders that they tender their shares pursuant to the tender offer. CV Therapeutics will become a wholly-owned subsidiary of Gilead.
The transaction is valued at approximately $1.4 billion and is expected to be dilutive to Gilead’s earnings in 2009, neutral to accretive in 2010 and accretive in 2011 and beyond.
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