ALVR - AlloVir spikes as Gilead buys over $10M stock
2023-06-29 09:29:22 ET
- Cell therapy developer Allovir, Inc. ( NASDAQ: ALVR ) added ~11% pre-market Thursday after Gilead ( NASDAQ: GILD ) disclosed the purchase of ~$11M worth of company stock.
- According to an SEC filing on Wednesday, the drugmaker has bought ~2.9M Allovir ( ALVR ) shares for $3.75 apiece. The transaction conducted on Tuesday has increased Gilead’s ( GILD ) stake in the company by ~21%.
- The announcement comes days after Allovir ( ALVR ) announced an underwritten public offering of 20M shares targeting $75M in gross proceeds.
- ALVR’s CEO, Diana Brainard, has previously worked at Gilead ( GILD ) as the head of its virology therapeutics for 10 years, leading the pharma giant’s efforts to develop Veklury (remdesivir) as the first antiviral to receive FDA approval as a treatment for COVID-19.
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AlloVir spikes as Gilead buys over $10M stock