Gilead Sells $7.25 Billion of Bonds to Fund Immunomedics Deal

Sept. 23, 2020, 9:04 PM UTC

Gilead Sciences Inc. sold $7.25 billion of bonds to help finance its $21 billion takeover of Immunomedics Inc., adding to what’s been a recent run for acquisition financing.

The longest portion of the seven-part deal is a 30-year security, which yields 1.4 percentage points above Treasuries, after initial discussions of around 1.65 percentage points, according to a person with knowledge of the matter, who asked not to be identified as the details are private.

All of the maturities, except for the seven- and 30-year tranches, have what’s known as a special mandatory redemption clauses, which allows Gilead to buy ...

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