Pharmasset, Inc. (NASDAQ: VRUS)


Gilead Sciences Inc. said it has agreed to buy Pharmasset Inc. in a deal valued at about $11 billion. The Foster City-based biopharmaceutical company (NASDAQ:GILD) said it will pay $137 a share for Princeton, N.J.-based Pharmasset (NASDAQ:VRUS). That is about 89 percent above Pharmasset's closing price on Friday of $72.67. The deal is expected to speed development of treatments for hepatitis C, an area where Parmasset last month expanded a trial of an oral treatment it is developing.

Gilead already has seven unique molecules in development for the treatment of the disease.

Gilead said it is paying about $10.4 billion now for Parmasset's shares but the eventual cost of the deal could reach $11 billion, including options.

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