Gilead Sciences Inc struck a deal to purchase biotechnology company Pharmasset Inc for about $11 billion in a huge bet on the next generation of hepatitis C treatments.Gilead, the world's largest maker of HIV drugs, will pay $137 per share for each Pharmasset share, an 89 percent premium for a company with no significant marketed products.Pharmasset shares had already more than tripled in the past year based on the potential of its experimental hepatitis C medicines to create a new standard of care for the 180 million people worldwide infected with the serious liver disease.Vertex Pharmaceuticals Inc and Merck & Co won approval this year for hepatitis C medicines that stand to significantly increase cure rates, but they must be taken with commercially manufactured interferon.
Gilead Sciences, Inc. (Gilead) is a biopharmaceutical company. Shares of GILD fell by 10.81% or $-4.31/share to $35.57. In the past year, the shares have traded as low as $35.26 and as high as $43.49. On average, 8446600 shares of GILD exchange hands on a given day and today's volume is recorded at 30177570.
Merck & Co., Inc. (Merck) is a global health care company. Shares of MRK fell by 2.6% or $-0.9099/share to $34.04. In the past year, the shares have traded as low as $29.47 and as high as $37.68. On average, 17716800 shares of MRK exchange hands on a given day and today's volume is recorded at 7634922.
Pharmasset, Inc. is a clinical-stage pharmaceutical company focused on discovering, developing, and commercializing novel drugs to treat viral infections. Shares of VRUS traded higher by 84.67% or $61.53/share to $134.20. In the past year, the shares have traded as low as $14.53 and as high as $85.32. On average, 1046560 shares of VRUS exchange hands on a given day and today's volume is recorded at 19792180.
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