Gilead Sciences Inc struck a deal to purchase Pharmasset Inc for about $11 billion in a huge bet on hepatitis C treatments to diversify its portfolio.Gilead, the world's largest maker of HIV drugs, will pay $137 per share for each Pharmasset share, a whopping 89 percent premium to Pharmasset's Friday closing price.Pharmasset has been one of the hottest biotech companies, based on the promise of its experimental hepatitis C medicines.Its shares have soared in the past year on the potential for its oral drugs to create a regimen without interferons, which cause flu-like side effects that lead many patients with the serious liver disease to stop or delay treatment.
Gilead Sciences, Inc. (Gilead) is a biopharmaceutical company. Shares of GILD remained unchanged at $39.88. 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 129533.
Pharmasset, Inc. is a clinical-stage pharmaceutical company focused on discovering, developing, and commercializing novel drugs to treat viral infections. Shares of VRUS remained unchanged at $72.67. 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 214243.
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