Louis Lange, the chief executive of CV Therapeutics, agreed in effect to sell his entire stake in the company to Gilead Sciences as an “inducement” to that company to enter into an agreement to buy CV Therapeutics for $20 a share, according to a filing today with the SEC. Lange owns about Read the rest of this entry »
Drug maker Gilead Sciences agreed to buy a 163,000-square-foot office building (pictured here) at 301 Velocity Way in Foster City from Electronics For Imaging, along with 30 acres of land designed to accommodate up to an additional 542,000 square feet of office space for $137.5 million, according to a regulatory filing Thursday.
The property borders Read the rest of this entry »
Genelabs Technologies announced that it was notified last week by Gilead Sciences that it was terminating their research collaboration into a hepatitis C drug treatment. The license and research collaboration agreement between the companies was signed in September 2004. Under it, Gilead paid Genelabs a nonrefundable $8 million upfront payment and provided $11.2 million in research funding during the first three years of the agreement. Read the rest of this entry »
Gilead Sciences of Foster City said in a press release Friday that it has made a deal with Goldman, Sachs & Co. to buyback $500 million of its shares under an “accelerated” share repurchase program the company announced back in October when it said it would spend up to $3 billion buying back its own stock.
Gilead said it will pay $500 million on March 5 for what it estimates will be about 7.2
million shares, all of which are to be “retired.”
Gilead ended 2007 with 930.8 million shares outstanding, 11.1 million more than the year before, or about 1 percent.
Why lease when you can buy?
Looks like Gilead Sciences (GILD) of Foster City is taking that old mantra to heart when it comes to investing in a fleet of new corporate planes. And yes, that’s planes as in plural.
Our friend, Michelle Leder, of footnoted.org generously donated this nugget to the cause. Leder stumbled across it while reading the 10-K that Gilead filed this week:
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Batten down the hatches, Gilead Sciences share holders. Tuesday might be an interesting trading day. The company announced Monday in a brief press release that it’s recently hired chief financial officer Caroline Dorsa resigned the job she assumed two months ago “to pursue another opportunity.” The announcement comes two days before the company is scheduled to release its 2007 fourth quarter and fiscal year results, and a week after Gilead shares hit a 52-week high of $49.05.
Dorsa came to Gilead after her previous employer, business software supplier Avaya, agreed to a private equity buyout. Before that she spent twenty years in finance positions at pharmaceutical giant Merck.
She replaced John Milligan, Gilead’s chief operating officer, who will take over the CFO
duties, which he performed from 2003 to 2007, “effective immediately.” The the time of her appointment Milligan stated, “”Caroline has successfully led and managed in a range of financial roles and responsibilities, and her experience will be invaluable to Gilead as we navigate the continued growth of our company.”
Nevertheless, the company did manage to value her experience to the tune of a $500,000 salary and a $250,000 signing bonus. Gilead also gave Dorsa a “relocation package” that included a “mortgage subsidiary in the amount of $190,000, reimbursement of moving and relocation expenses up to $50,000 in the aggregate, reimbursement of certain transaction costs (such as commissions, closing costs and points) incurred in connection with the sale of her current principal residence and the purchase of a new residence, a temporary housing allowance and a tax gross-up relating to certain relocation expenses. Ms. Dorsa will be obligated to repay her signing bonus and the relocation package, should her employment terminate under certain circumstances prior to November 5, 2009.”
We look forward to reading the SEC filing that should give details about her going-away
package to see whether or not her early leaving constitutes one the “certain circumstances” that would cause her to have to repay the company. The SEC, like the rest of the federal government is closed today for the Martin Luther King Jr. holiday.
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