Gilead Sciences, Inc. (NASDAQ:GILD) has so far been able to make tens of billions of dollars from its two new hep C pills and in celebration of its hard work, it intends to expand into its 71-acre corporate campus in its native city and from where it shall offer new labs.
According to a city Planning Commission the company’s plans is to knock down an existing single-story building an instead build a six-story lab and office building. Apparently, Gilead has already purchased a $120 million 12-acre Chess-Hatch office complex which it anticipates to revamp into nearly 800,000 square feet of building space. However, it is still working on the compliance of plans that will give a go ahead to the redevelopment.
The Foster City, CA-headquartered company has continued to propel in its business growth an according to a spokeswoman, it is always evaluation needs that facilitate expansion. Its main mission is to deliver life-saving medicines to patients worldwide.
The company hit a jack pot of fortune through its blockbuster suite of HIV drugs. The fortune became bigger and better after the endorsement of its Harvoni and Sovaldi for hepatitis C and the two have transformed the way hep C is cured. The annual sales went up from $24.9 billion in 2014 to $32.6 billion in 2015 which clearly explains how the fortune came about. The current market cap stands at $130.8 billion which indicates that the company is going places.
The upcoming plans are a means of maintaining the company’s presence in Foster City. The Bay Area has already made a mark by being a center of excellence for the biopharmaceutical industry. And with the rising competition in the industry other companies the likes of Illumina, Inc. (NASDAQ:ILMN) are also seeking a market share of the Bay Area and will soon be erecting a $149 million biotech campus on a more than 20-acre site.
But on close scrutiny Gilead has declined to divulge any information as to whether it is planning any major M&A deals. Already the company has obtained an early-stage NASH from the MA-based biotech Nimbus Therapeutics for $1.2 billion.