Monday, November 21, 2011

Gilead buys US pharma rival Pharmasset for $11 bn

NEW YORK — US biotech firm Gilead Sciences announced plans Monday to acquire rival Pharmasset, a group specializing in treatments for AIDS and hepatitis, for $11 billion.

The cash deal at $137 per share "represents an important and exciting opportunity to accelerate Gilead's effort to change the treatment paradigm for HCV (hepatitis C virus) infected patients by developing all-oral regimens for the treatment of the disease regardless of viral genotype," California-based Gilead's chief executive John Martin said.

Pharmasset currently has three clinical-stage product candidates for the treatment of chronic hepatitis C virus in trials and is hoping for regulatory approval for some of the drugs soon.

"This transaction will serve to drive the long-term growth of our business, and we look forward to working closely with the Pharmasset team to advance a broad clinical program in HCV to address the unmet needs of patients and the medical community." Martin said.

Posted via email from Jack's posterous

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