Shares Of Gilead Rally On $10 Billion Bond Pricing

Shares of Gilead Sciences Inc. gained Thursday after the biotechnology firm said it priced $10 billion in senior unsecured notes. Gilead plans to use the proceeds of the bond sale for general corporate purposes, including repaying debt, payment of dividends and for stock buybacks. Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers. The deal is in six tranches with maturities spanning 3 years to 31 years and is expected to close on Monday. Gilead's stock rose more than 3% to $107.20.