Gilead completes purchase of CV Therapeutics

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Biopharmaceutical firm Gilead Sciences has closed its acquisition of CV Therapeutics, a biopharmaceutical company focused on the development of small molecule drugs for the treatment of cardiovascular diseases.

On April 17, the Palo Alto, Calif.-based CV Therapeutics said it merged with a wholly owned subsidiary of the Foster City, Calif.-based Gilead. As a result of the merger, each outstanding share of CV Therapeutics not owned by Gilead, its subsidiaries or CV Therapeutics has been automatically converted into the right to receive $20 in cash, without interest, subject to appraisal rights.

In March, Gilead Sciences agreed to acquire CV Therapeutics for approximately $1.4 billion in cash through a tender offer second-step merger, after repeated attempts from Astellas Pharma to take over CV Therapeutics for $1 billion.

CV Therapeutics said its stockholders who did not tender their shares will receive a notice of merger and a letter of transmittal that will instruct them as to how to receive the merger consideration. The merger follows a cash tender offer for all outstanding shares of CV Therapeutics common stock.