Gilead Sciences' Board Member Establishes Rule 10b5-1 Stock Trading Plan
FOSTER CITY, Calif.--(BUSINESS WIRE)--May 3, 2004--Gilead Sciences, Inc. (Nasdaq:GILD) today announced that it has implemented a stock trading program in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The policy permits participating Company executives and Board members to adopt pre-arranged stock trading plans to buy or sell pre-determined amounts of Company stock over time.
Rule 10b5-1 of the Securities Exchange Act of 1934 allows insiders to adopt written plans for trading securities in a non-discretionary, pre-scheduled manner in order to avoid concerns about initiating stock transactions when the insider may be aware of non-public information. Such plans also allow insiders to diversify their holdings and to minimize the market effect of stock sales by spreading them out over time.
Paul Berg, PhD, a member of Gilead's Board of Directors, has established a stock trading plan under Rule 10b5-1. Under the plan, Dr. Berg may sell up to 86,000 shares over a period of approximately two years. The transactions under the plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. Other officers and directors of the Company may adopt Rule 10b5-1 plans in the future.
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases worldwide. The company has six marketed products and focuses its research and clinical programs on anti-infectives. Headquartered in Foster City, CA, Gilead has operations in the United States, Europe and Australia.