Gilead raises stake in Arcus Biosciences to 35%

Gilead Scienes disclosed an increased stake in Arcus Biosciences of 35%, which represents over 25.58M shares. On June 27, Gilead entered into an amended purchase agreement pursuant to which Gilead agreed to purchase an additional 1.01M shares of Arcus common stock at a purchase price of $19.26 per share. The purchase occurred on June 28. Under the amended purchase agreement, Gilead also has the right, at its option, to purchase additional shares from Arcus, up to a maximum of 35% of the company’s then-outstanding common sock, from time to time for a period of five years from the closing of the initial purchase, at a purchase price equal to the greater of a 20% premium to market at the time Gilead exercises such option.