Gilead cash pile burns hole in investors' pockets

San Francisco

IN THE drug industry's biggest-ever period for deals, one wildly successful company with a multibillion-dollar war chest has been oddly silent. So what's Gilead Sciences Inc waiting for?

Drugmakers have done US$179 billion worth of mergers and acquisitions so far this year, on pace to top last year's US$221 billion record. Gilead has stayed on the sidelines, holding US$10.6 billion in cash and equivalents. The company reports second quarter earnings on Tuesday, and M&A will be on shareholders' minds.