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EXHIBIT 99.1
GILEAD SCIENCES ANNOUNCES PRIVATE OFFERING OF CONVERTIBLE SUBORDINATED NOTES
FOSTER CITY, CA, DECEMBER 14, 2000 - Gilead Sciences, Inc. (Nasdaq: GILD)
announced today that it has entered into an agreement for the sale of $250
million of convertible subordinated notes ($300 million if the overallotment
option is exercised in full) through a Rule 144A offering to qualified
institutional buyers. These Notes will be convertible into Gilead common stock
at a price equal to $98.25 per share, subject to adjustment in certain
circumstances, which represents a 23 percent premium over yesterday's closing
price of $79.875. The Notes will bear an interest rate of 5.0 percent per annum,
will have a seven-year term and will be redeemable by the company any time after
December 20, 2003. Gilead has agreed to file a registration statement for the
resale of the Notes and the shares of common stock issuable upon conversion of
the Notes within 90 days after the closing of the offering. The offering is
expected to close on December 18, 2000, subject to certain closing conditions.
The Notes and the common stock issuable upon conversion of the Notes will not be
registered under the Securities Act of 1933, as amended, or any state securities
laws, and unless so registered, may not be offered or sold in the United States,
except pursuant to an applicable exemption from the registration requirements of
the Securities Act of 1933, as amended, and any state securities laws.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the Notes. This press release is being issued pursuant to and in
accordance with Rule 135 under the Securities Act of 1933, as amended.
Gilead Sciences, Inc., headquartered in Foster City, CA, is an independent
biopharmaceutical company that seeks to provide accelerated solutions for
patients and the people who care for them. Gilead discovers, develops,
manufactures and commercializes proprietary therapeutics for challenging
infectious diseases (viral, fungal and bacterial infections) and cancer. Gilead
maintains research, development or manufacturing facilities in Foster City, CA;
Boulder, CO; San Dimas, CA; Cambridge, UK and Dublin, Ireland and sales and
marketing organizations in the United States, Europe and Australia.
In addition to historical information, this press release contains
forward-looking statements that involve risks and uncertainties, including but
not limited to, uncertainties related to the offering of the notes. Actual
results could differ materially.
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For more information on Gilead Sciences, please visit the company's web site at
www.gilead.com or call the Gilead Corporate Communications Department at
1-800-GILEAD-5 (1-800-445-3235).
