Summary
Gilead Sciences, Inc. (GILD) has filed a Form 8-K reporting the successful completion of its cash tender offer for all outstanding common stock of Triangle Pharmaceuticals, Inc. The tender offer expired on January 15, 2003, with Gilead accepting all validly tendered shares. This acquisition was funded through Gilead's existing cash on hand and cash equivalents. Following the tender offer, a merger was completed on January 23, 2003, making Triangle a wholly-owned subsidiary of Gilead. Shareholders whose shares were not tendered received $6.00 in cash per share. Both companies are involved in the development and commercialization of antiviral drug candidates, indicating a strategic move by Gilead to expand its antiviral portfolio.
Key Highlights
- 1Gilead Sciences, Inc. successfully completed a cash tender offer for Triangle Pharmaceuticals, Inc. on January 16, 2003.
- 2The acquisition was funded using Gilead's existing cash and cash equivalents, indicating a strong balance sheet.
- 3Triangle Pharmaceuticals, Inc. was subsequently merged into Gilead as a wholly-owned subsidiary on January 23, 2003.
- 4Shareholders of Triangle whose shares were not tendered received $6.00 in cash per share.
- 5Both Gilead and Triangle are pharmaceutical companies focused on antiviral drug development.
- 6The financial statements and pro forma information for the acquired business will be filed by amendment within 60 days.