November 09, 2000
Gilead Sciences Board of Directors Approves Proposed Increase in Authorized Capital for Planned 2-for-1 Stock Split
Foster City, CA -- November 9, 2000
Gilead Sciences, Inc. (Nasdaq: GILD) today announced that its Board of Directors has approved an increase in the number of authorized shares of common stock from 100,000,000 to 500,000,000. Gilead plans to hold a Special Meeting of the Stockholders in February 2001 to vote upon this increase in common stock. The primary purpose of the increase is to enable the Board to implement a split of the company’s common stock, to be effected in the form of a stock dividend. The Board intends to approve the stock split in January 2001, several weeks prior to the stockholder vote. Based on the current trading range of the company’s common stock, the Board anticipates approving a two-for-one split, but the final decision will be based on market conditions at the time of approval. The proposed increase would also provide Gilead with flexibility to implement future stock splits and conduct transactions involving the issuance of the company’s common stock, where appropriate.
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. For more information about Gilead, please visit www.gilead.com.
This press release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding stockholder approval of the increase in authorized common stock and statements regarding appropriate market conditions. These statements are subject to risks, uncertainties and other factors that could result in a stock split not being implemented or being delayed, including the risk that, due to regulatory delays, Gilead may not be able to hold its special stockholders meeting in early February, the risk that Gilead may be unable to obtain the required affirmative vote of holders of more than fifty percent of its outstanding common stock at the special stockholder meeting, and the risk that market conditions may not be appropriate for the Board of Directors to declare a stock split. The reader is cautioned not to rely on these forward-looking statements. Risk factors that could cause market conditions to decline include general market conditions as well as the specific risks related to Gilead and its business which are described in detail in the Gilead Annual Report on Form 10-K for the year ended December 31, 1999 and on Gilead’s Quarterly Reports on Form 10-Q, all of which are on file with the U.S. Securities and Exchange Commission.
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