AlloVir spikes as Gilead buys over $10M stock
Justin Sullivan

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 executed on Tuesday has increased Gileadâs (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.
ALVRâs CEO, Diana Brainard, has previously worked at Gilead (GILD) as the head of its virology therapeutics, leading the pharma giantâs efforts to develop Veklury (remdesivir) as the first antiviral to receive FDA approval for COVID-19.


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