August 14, 2003
Gilead Signs Agreement to Acquire Foster City Campus
FOSTER CITY, Calif.--(BUSINESS WIRE)--Aug. 14, 2003--Gilead Sciences, Inc. (Nasdaq:GILD) today announced that the company has entered into an agreement to purchase its Foster City, California campus from a subsidiary of Equity Office Properties Trust (NYSE:EOP) for approximately $123 million. Under the terms of this agreement, if certain closing conditions are satisfied, Gilead will acquire 16 buildings, totaling 496,000 square feet of office and laboratory space, on Lakeside Drive in Foster City, California. The transaction is anticipated to close in September 2003. Gilead currently occupies eight of the 16 buildings to be acquired under lease with EOP. Gilead expects this transaction will be accretive to earnings in 2003.
"Our Foster City campus has served as Gilead's corporate headquarters since early 1988 and currently houses more than 500 employees," said John C. Martin, PhD, President and CEO of Gilead Sciences. "With the Bay Area widely recognized as a center for excellence for the healthcare industry, this transaction will help sustain Gilead's continued growth, providing the company with the space necessary to expand our operations to support our growing portfolio of products and our active research programs."
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases worldwide. The company has seven marketed products and focuses its research and clinical programs on anti-infectives. Headquartered in Foster City, CA, Gilead has operations in the United States, Europe and Australia.
This press release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements, including the risk that the conditions for closing may not be satisfied and Gilead may not acquire the facility. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update any such forward-looking statements.
For more information on Gilead, please call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235) or visit www.gilead.com.
CONTACT: Gilead Sciences, Inc. Susan Hubbard, 650/522-5715 (Investors) Amy Flood, 650/522-5643 (Media) SOURCE: Gilead Sciences, Inc.