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The $1.4 billion deal that Foster-City based Gilead Science’s announced March 12 to buy CV Therapeutics of Palo Alto has triggered a class-action shareholder lawsuit.

The legal action, which CV Therapeutics disclosed today in a filing with the U.S. Securities and Exchange Commission, was filed March 19 in Santa Clara County Superior Court by a group called Superior Partners. It accuses CV Therapeutics and its board of failing in their fiduciary duty to stockholders.

Among other claims, the suit alleges that CV Therapeutics’ board limited the number of potential buyers for the company and had a conflict of interest  because they will receive monetary compensation from the sale.

CV Therapeutics denied the claims.

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 »