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Gilead closes deal to acquire Pharmasset
January 18th, 2012
FOSTER CITY, Calif. – Gilead Sciences Inc. has completed its acquisition of Pharmasset Inc., a clinical-stage pharmaceutical firm.
Gilead said late Tuesday that its subsidiary, Royal Merger Sub II Inc., has finalized the transaction to buy Pharmasset for $137 per share in cash, or about $11.2 billion.
The acquisition is expected to speed the development of an all-oral regimen for the treatment of the chronic hepatitis C virus (HCV), according to Gilead, a biopharmaceutical company.
When the deal was announced in late November, Pharmasset had three clinical-stage product candidates for the treatment of chronic HCV advancing in trials, and Gilead's research-and-development portfolio included seven unique molecules in various stages of clinical development for the treatment of HCV.
In addition, the combination of the two companies stands to leverage Gilead's infrastructure and expertise in antiviral drug development, manufacturing and commercialization.