Biopharmaceutical company Gilead Sciences Inc. said Friday that it has completed the sale of $2.2 billion worth of senior debt, netting proceeds of about $2.17 billion.

The company sold $1.1 billion of senior notes due in 2014 and $1.1 billion of convertible senior notes due in 2016 to institutional buyers.

Gilead has already used about $248 million of the proceeds to repurchase common shares and expects to use at least another $752 million for the same purpose. Buying back shares boosts a company's per-share earnings and expands the percentage size of shareholders' stakes.

Shares of Gilead fell 9 cents to close earlier at $33.32.