Biopharmaceutical company Gilead Sciences will pay $11 billion to acquire drug developer Pharmasset, betting on the company’s experimental hepatitis C oral treatment.
Pharmasset shareholders will receive $137 per share in cash, an 89 percent premium to the company’s closing price on Nov. 18. The deal, which is expected to close in the first quarter of 2012, sent shares of Pharmasset soaring 85 percent, while Gilead’s stock dropped more than 9 percent after the announcement.
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