Deals
Gilead Needs to Go Shopping
After mostly sitting out 2015's M&A boom, it needs to revive sales growth.
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Incoming Gilead CEO John Milligan has an M&A shopping list in his head, he said on the biotech's earnings call on Tuesday. Investors would love to see that list turn into something a little more tangible.
The company rode its last big acquisition, Pharmasset in 2011, to a blockbuster Hepatitis C (HCV) franchise and a $90 billion increase in market cap over three years. The deal made Gilead the world's most valuable biotech. But the company mostly sat out last year's health-care deal boom. And as HCV sales slow, investors are increasingly focused on what comes next.