Lawyers from Skadden, Arps, Slate, Meagher & Flom are advising biotech company Gilead Sciences as it places a mammoth bet on experimental treatments for hepatitis C.

Gilead, a leading developer of HIV treatments, said Monday that it will acquire Princeton, New Jersey-based Pharmasset for $11 billion in cash. The $137-per-share purchase price represents an 89 percent premium over Pharmasset’s stock price as of the close of trading Friday. Foster City, California-based Gilead said it expects the transaction to reduce its earnings through 2014.

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