Gilead to Acquire Pharmasset for $11B
Gilead Sciences, the world’s largest maker of HIV medicines, plans to buy Pharmasset Inc. for about $11 billion.
US biotech firm Gilead Sciences is to acquire biotechnology company Pharmasset in a deal that values Pharmasset at about $11 billion. The deal adds oral HCV treatments to Gilead's existing programs. Gilead will commence a tender offer to acquire all of the outstanding shares of Pharmasset's common stock at a price of $137 per share in cash.
Gilead plans to finance the transaction with cash on hand, bank debt, and senior unsecured notes. The company expects the transaction, when completed, to be dilutive to Gilead's earnings through 2014 and accretive in 2015 and beyond.
Gilead's R&D pipeline includes seven unique molecules in various stages of clinical development for the treatment of HCV. Three separate all-oral Phase II studie
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