FOSTER CITY, Calif. (AP) -- HIV drug maker Gilead Sciences Inc. said Monday that its board approved a two-for-one stock split that will take effect in January.
Gilead said investors who own its stock at the close of trading on Jan. 7 will be issued one additional share for every share they own. The company's stock will begin trading at the post-split price on Jan. 28.
The split will increase the number of Gilead shares to about 1.52 billion. The company said it had 759.3 million shares on the market as of Nov. 30.
The stock has nearly doubled in value over the last year after the company acquired hepatitis C drug maker Pharmasset and continued developing some of Pharmasset's promising drugs, including sofosbuvir. The shares reached an all-time high of $76.28 on Nov. 23.
Shares of Gilead Sciences rose 33 cents to close at $74.25. In aftermarket trading the stock added 40 cents to $74.65.