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news.Biotechnology firm Gilead Sciences has reported the successful completion of its cash tender offer for all of the outstanding shares of common stock of Myogen.
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On October 2, 2006, Gilead and Myogen reported that they had entered into a definitive merger agreement for Gilead to acquire all of the outstanding shares of common stock of Myogen for $52.50 in cash per share.
Gilead Sciences said it has gained over 91.3% of the outstanding shares of common stock of Myogen. Gilead expects to cause the merger to be completed within a few days, with Myogen becoming a wholly-owned subsidiary of Gilead.
Foster City, California-based Gilead will also acquire Myogen's portfolio of hypertension drugs in the takeover.