Gilead Sciences/CV Therepeutics Merger

Today, Gilead Sciences (TICKER: GILD) announced that it would acquire CV Therapeutics (TICKER: CVTX) for $20/share in cash or $1.4 billion. I will keep everyone updated on the transaction after I read the definitive merger agreement and other related proxy material. Currently, CVTX trades at a premium to the merger consideration, reflecting the Street's anticipation of another bidder or perhaps a bidding ware between GILD and Astellas tender offer at $16, which the CVTX Board recently rejected.