Gilead Sciences acquires Pharmasset for $11 billion

FOSTER CITY, Calif. — Drug maker Gilead Sciences will acquire Pharmasset for $11 billion, or $137 per share, Gilead said Monday.

Pharmasset, based in Princeton, N.J., is a drug maker that currently has three treatments for hepatitis C undergoing clinical trials, including PSI-7977, which is in late-stage development.

"The acquisition of Pharmasset represents an important and exciting opportunity to accelerate Gilead's effort to change the treatment paradigm for HCV-infected patients by developing all-oral regimens for the treatment of the disease, regardless of viral genotype," Gilead chairman and CEO John Martin said. "Pharmasset presented compelling phase-2 data earlier this month further characterizing the strong efficacy and safety profile of PSI-7977."

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