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Stock Alert: Gilead Sciences Shares Up 3%

Shares of Gilead Sciences Inc. (GILD) are currently trading at $62.55, or $1.88 or 3.10%, with trading volume surging over 12 million versus an average volume of 9.21 million shares.

Gilead Sciences, on Friday, said it completed the previously announced transaction to acquire Immunomedics Inc. (IMMU) for about $21 billion in the aggregate.

The company completed the tender offer for all outstanding shares of common stock of Immunomedics and accepted for payment all shares validly tendered and not withdrawn. Gilead said it would promptly pay for such shares, which shares represented about 81.38% of Immunomedics' outstanding shares.

Immunomedics has become a wholly owned subsidiary of Gilead and the common stock of Immunomedics would no longer be listed for trading on the Nasdaq Global Market, which is anticipated to take effect as of the close of market on October 23, 2020.

Daniel O'Day, Chairman and Chief Executive Officer, Gilead Sciences, said, "Together we will bring Trodelvy to many more patients around the world with triple-negative breast cancer and continue to explore its potential in many other types of cancer, both as a monotherapy and in combination with other treatments."

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