Gilead Sciences (Nasdaq: GILD) announced the pricing of USD 3 billion in senior unsecured notes across four tranches in an underwritten registered public offering, with proceeds directed toward general corporate purposes including potential acquisitions, investments, and strategic transactions — reflecting the company's continued pursuit of business development activity across oncology, antiviral, and autoimmune disease franchises.
The offering is structured across four maturities: USD 500 million of 4.250% notes due 2028, USD 1 billion of 4.400% notes due 2029, USD 1 billion of 4.600% notes due 2031, and USD 500 million of 4.900% notes due 2034. The transaction is expected to close on May 20, 2026, subject to customary closing conditions. Barclays Capital Inc., BofA Securities Inc., and Citigroup Global Markets Inc. are acting as joint lead book-running managers in equal capacity. No individual investors or company insiders are named as participants, consistent with standard practice for a registered public offering distributed via prospectus supplement to the open market.
Gilead's commercial franchises span HIV, viral hepatitis, and oncology. Its HIV prevention asset lenacapavir, a twice-yearly subcutaneous capsid inhibitor, is among its most active development-stage programs, with a Gilead-sponsored implementation study of lenacapavir pre-exposure prophylaxis currently recruiting across US sites. In oncology, sacituzumab govitecan, an antibody-drug conjugate targeting Trop-2, is the subject of multiple active combination studies, including a recruiting Phase II trial evaluating the agent with or without pembrolizumab in PD-L1-negative metastatic triple-negative breast cancer, sponsored by Dana-Farber Cancer Institute.
On the business development front, Gilead has been active across multiple transaction types in the preceding 12 to 18 months. It completed the acquisition of CymaBay Therapeutics for approximately USD 4.3 billion in Q1 2024, adding seladelpar, a PPARδ agonist that subsequently received US FDA approval for primary biliary cholangitis. Gilead also announced a definitive agreement to acquire Ouro Medicines, developing T cell engager therapies for autoimmune diseases, for approximately USD 1.7 billion to USD 2.2 billion. Additional transactions include the USD 5 billion acquisition of Tubulis for antibody-drug conjugate technology.