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Home Industry News Gilead Sciences completes takeover of Pharmasset

Gilead Sciences completes takeover of Pharmasset

18th January 2012

Gilead Sciences has completed its takeover of Pharmasset for an aggregate total of $11.2 billion (7.29 billion pounds).

The company has paid $137 per share in cash to gain control of the clinical-stage pharmaceutical company, which now becomes a wholly-owned subsidiary of Gilead.

Following the acquisition, Gilead will gain control of a leading developer of therapies for viral infections, which specialises in oral therapeutics for the treatment of hepatitis C virus (HCV).

Its research focuses on a class of compounds known as nucleoside/tide analogues, which are able to inhibit viral replication by acting as alternative substrates for the viral polymerase.

Gilead will now have access to all of Pharmasset's innovative new therapies, including its lead product candidate PSI-7977, which is undergoing phase III trials among patients with HCV genotype 2 and 3.

Commenting in November 2011, Gilead's chairman and chief executive officer Dr John Martin said: "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."ADNFCR-8000103-ID-801267692-ADNFCR

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